At the beginning of March, Refinitiv announced it acquired Scivantage, expanding its wealth management portals with the addition.
The milestone for the Software as a Service fintech also marks the exit of Edison Partners, the company announced March 11, generating a nearly three-time return for the growth equity firm.
“This will be my second successful exit with Edison, the first being with GAIN Capital,” Scivantage Chief Executive Officer Chris Calhoun said in a prepared statement. “Once again, Edison provided tremendous resources and expertise to enable us to scale our business.”
Jersey City-based Scivantage offers wealth management through Wealthsqop and end-to-end-tax reporting through its Maxit E2E. Refinitiv said it would expand its wealth management portals’ service with the addition of Scivantage products to enhance connections between clients and advisors.
“We are grateful to CEO Chris Calhoun and his management team who combined domain expertise with consistent execution,” said Edison Partners General Manager Michael Kopelman in a prepared statement. “The entrepreneurial spirit established by Adnane Charchour, recent product innovation, and an exceptional client experience captivated the interest of fintech powerhouse Refinitiv for this compelling combination.”
Edison Partners has backed and advised more than 235 companies – including more than 46 in the fintech space. Other noteworthy exits in the sector include Billtrust, GAIN Capital, Liberty Tax, EdgeTrade and Princeton Financial. Current investments include FundThatFlip, GAN Integrity, MoneyLion, YieldStreet and Zelis.