Information-enabled software provider for the financial services industry Scivantage announced it secured a $20 million round of funding to support company growth driven by a broadening client base and strategic partnerships.
The capital raise included debt financing provided by Comerica Bank and ORIX Ventures, and an additional follow-on equity round led by existing investors Brown Brothers Harriman Capital Partners and Edison Ventures.
Scivantage will use the growth capital to focus on expanding the company’s footprint in the financial services industry, which currently includes expertise in online brokerage, tax and portfolio reporting, and wealth management applications, through development initiatives.
“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,” stated Scivantage CEO and president Adnane Charchour. “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.”
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