Scivantage raises $20 million
23 June 2014 | 1625 views | 0
Scivantage®, a Global FinTech 100 technology provider of information-enabled software dedicated to transforming complex information and processes into intuitive user experiences for the financial services industry, announced today it has secured a $20 million round of funding to support the company's continued growth driven by its broadening client base and strategic partnerships.
The capital raise included debt financing provided by Comerica Bank (Comerica) and ORIX Ventures (ORIX), as well as an additional follow-on equity round led by Scivantage's existing investors Brown Brothers Harriman Capital Partners (BBH Capital Partners) and Edison Ventures.
This represents a new venture debt deal from ORIX and a recommitment from Comerica, BBH Capital Partners and Edison Ventures. The investment will be used to provide growth capital to Scivantage and enable the firm to focus on continuing to expand its footprint in the financial services industry through various development initiatives.
"Our increased investment in Scivantage reflects our continued confidence in the company's future growth prospects and its ability to develop truly unique and innovative products for financial institutions," said Jeff Meskin, Co-Manager at BBH Capital Partners.
"Scivantage has a proven management team, strong partnerships, deep client relationships, and a clear roadmap of its future - key characteristics we value in our investments," said Chris Sugden, Managing Partner at Edison Ventures.
"We have followed Scivantage for a few years and have recognized the strength of their enterprise. They have demonstrated the clear shift of banks, brokerages and investment professionals increasingly adopting cloud-based, innovative software solutions," said William Bishop, Co-Head and Managing Director, ORIX Ventures.
"The fact that BBH Capital Partners and Edison Ventures increased their current stake in Scivantage and Comerica renewed its current debt facilities with us, demonstrates our financial partners' confidence in our brand and our vision for the future of the company," said Adnane Charchour, CEO and President, Scivantage. "We welcome the addition of ORIX as a new financial partner, strengthening our ability to accelerate the delivery of innovative solutions to the financial services industry. Scivantage has continued to evolve to meet the complex needs of our clients and this recent injection of capital will empower us to further build on the success we have had to date."