British financial markets data provider Refinitiv has strengthened its wealth management capabilities with the purchase of US-based Software as a Service (SaaS) provider Scivantage for an undisclosed sum.
Under the agreement, Refinitiv has integrated Scivantage digital wealth tools that include Wealthsqope and tax information reporting solution Maxit E2E.
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The combination is said to have expanded the wealth management portals’ service offering of Refinitiv.
The aim is to offer Refinitiv next-generation digital wealth tools in order to facilitate user engagement.
Refinitiv global head of Wealth Management Joe Mrak said: “We have an excellent history of collaboration with Scivantage, working together on both tax reporting and client portal solutions. Refinitiv’s best in class BETA self-clearing platform is already connected to Scivantage’s systems.”
“Acquiring Scivantage at this stage affords a tremendous opportunity for us to work together on our shared goal of creating next-generation digital wealth management solutions that enhance the overall customer experience.
“Scivantage’s deep roots, knowledge and capabilities will enhance our wealth management portfolio of solutions, and we welcome our esteemed new colleagues to the Refinitiv family.”
Notably, last year, London Stock Exchange Group (LSEG) agreed to buy Refinitiv for $27bn.
Refinitiv shareholders will own a stake of around 37% in LSEG and less than 30% of LSEG’s total voting rights.
