Scivantage Gets $28 Million in Fresh Capital
December 8, 2010
Brown Brothers Harriman has organized $28 million of fresh capital for Scivantage, a provider of Web-based, front- and middle-office technology services for financial advisors and financial services firms.
The investment includes a $22 million equity investment from Brown Brothers Harriman’s private equity division, BBH Capital Partners. An additional $6 million in senior debt comes from The Provident Bank.
The investment will be used for two purposes: help grow Scivantage and provide liquidity for certain early-stage Scivantage investors, the companies said in a statement.
As part of the investment, Jeffrey Meskin and Charles Shufeldt of BBH Capital Partners have joined the Scivantage Board of Directors.
The investment comes as Scivantage marks its 10th anniversary as an independent technology firm addressing the online brokerage, wealth management and mutual fund markets. The firm’s products including automated cost-basis reporting software, advanced trading and customer service portals and wealth management services.
Last month, Scivantage released a new portfolio-rebalancing module for financial advisors. The module aims to cut out manual processes that advisors now use for keeping single accounts or multiple accounts in line with pre-defined risk tolerance levels.
The system will go live in December and formally roll out to advisors in January, said Joe Stensland, senior vice president of marketing and products.
With this product, Scivantage is aiming to serve the so-called Series 7 full-service market of financial advisors where these services tend to be expensive, Stensland said.
