Scivantage, the premier provider of web-based, front- and middle-office brokerage products, today announced that Edison Venture Fund, a leading investor in expanding information technology companies, has completed a $6.7 million investment in the firm.
Scivantage, who currently counts 5 of the top 10 US banks as clients, as well as 7 of the top 20 US brokerages, plans to leverage the investment to accelerate its key product development initiatives, increase staff to meet the growing demand, and expand its sales and marketing efforts in 2007.
The announcement follows the recent acquisition by Scivantage of Kenamea, the leading provider of notification management products to the brokerage industry. Together, the investment and acquisition are designed to enable Scivantage to maintain and grow its position as the largest independent provider of platform-agnostic, online brokerage technology. Scivantage currently has over 40 clients servicing 5 of the top 10 US banks and 7 of the top 20 retail and institutional US brokerages.
Discussing Edison's investment, Chris Sugden, Partner, comments, "Scivantage has an exceptional management team with deep domain expertise and a stellar track record. When surveying the financial technology landscape, Scivantage was an obvious choice for Edison; their blue chip client portfolio, spanning institutional to retail brokers, together with their focus on innovation positions them well for significant future expansion."
"Edison's decision to partner with Scivantage in this way is a testament to the speed and scale of our growth," comments Adnane Charchour, CEO of Scivantage. "As we look forward to 2007 and beyond, this investment, coupled with a number of recent strategic initiatives and significant client wins will help take Scivantage to the next level of growth."
Edison has funded and guided 22 companies specializing in financial technology. Active investments include Archive Systems, Billtrust, CoreStar, IPP, Liberty Tax, Longview Solutions, ManagedPay, Satori, Tangoe and Telarix. Successful fintech exits include Best Software, DPM, Incurrent and Princeton Financial. Edison's investment pace in 12 New York-based companies includes CorrectNet, e-Chalk, Edgetrade, FinePoint, M5 Networks, Operative, Pinnacle Taxx and SmartAnalyst.