Scivantage, a leading provider of web-based, front- and middle-office technology solutions to the financial services industry, today announced that is has acquired the assets of Unger Software Corporation, a provider of financial planning software.
Unger Software will become a new division of Scivantage. In addition to the product integration efforts, the division will be re-branded as Financial Guidance.
Unger Software is the publisher of the Financial Compass and Methuselah financial analysis and planning suite of products. Scivantage will leverage Unger Software's complementary products, services and technical resources to extend the capabilities of its brokerage solutions and to further support Scivantage's strategic goal of delivering high performance, technology solutions that redefine and streamline the way financial institutions, financial professionals and their clients transact business.
"This acquisition marks an important phase in Scivantage's growth strategy, as we continue our expansion into the wealth management arena and maintain our focus on quickly establishing a leadership position. The incorporation of the Unger Software product suite provides an ideal strategic fit that will benefit our joint clients and partners, while further strengthening and expanding our portfolio," said Adnane Charchour, President and CEO of Scivantage. "We believe there is a significant opportunity to automate the financial planning process and better integrate it throughout key points of the transaction lifecycle. Our combined solutions will be unmatched in our effort to bring these two components closer together in a unified platform."
Michael Forbes, the current CEO of Unger Software, who will be the General Manager of the new division in Scivantage said; "Unger Software has always been committed to building and offering products that assist financial advisors in providing financial guidance to individual investors to assist them in making important financial decisions. The resources and market leadership of Scivantage enables us to extend this vision by providing a broad spectrum of products across the entire advice and planning marketplace; including not only the advisory led, but the self-directed segments as well."
Scivantage's Charchour concluded, "I want to welcome Unger's clients, partners and staff to the Scivantage family and we look forward to working together to help financial institutions and financial advisors build stronger, more profitable relationships."
This deal is Scivantage's third acquisition in as many years. Scivantage acquired the IT/professional services unit of Nova Corporation in June 2005 and notification management vendor Kenamea in November 2006.