Edison Partners, a Princeton-based growth equity firm, announced on Wednesday it has exited Scivantage to Refinitiv, a provider of financial markets data and insights, trading and technology platforms, and open data.
The exit generated nearly a triple return for Edison Partners, it said.
Svivantage is a Software-as-a-Service innovator for the fintech market. Its primary solutions includes a wealth management offering, a digital client experience and an end-to-end tax reporting solution.
“We are grateful to CEO Chris Calhoun and his management team who combined domain expertise with consistent execution,” Michael Kopelman, general partner, Edison Partners, said. “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.”
Refinitiv plans to integrate Scivantage’s solutions and expand on its wealth management portal service offerings, Edison said.
“This will be my second successful exit with Edison, the first being with GAIN Capital. Once again, Edison provided tremendous resources and expertise to enable us to scale our business. With complementary clients and product offerings, the combination with Refinitiv is a natural fit and will broaden the portfolio of wealth management solutions available to current and prospective clients,” Scivantage CEO Chris Calhoun said.