Scivantage Raises $28M in Equity and Debt Financing
Scivantage , a Jersey City, NJ-based provider of Web-based, front- and middle-office technology solutions to the financial services industry, has raised $28m in equity and debt financing.
The $22m equity investment comes from Brown Brothers Harriman Capital Partners while the additional $6m in senior debt was provided by The Provident Bank.
The company intends to use the proceeds from the investment will be used to expand the business.
As part of the investment, BBH Capital Partners Jeffrey Meskin and Charles Shufeldt have joined Scivantage’s board of directors.
The company, which is led by President and CEO Adnane Charchour, delivers solutions to the online brokerage, wealth management and mutual fund markets, including automated cost basis reporting, advanced trading and customer service portals and wealth management solutions.