Stellex Capital, in Partnership with Communify, Has Acquired Fincentric (Formerly Known as Markit On Demand) from S&P Global
August 15 2024 - 1:06PM
Business Wire
Combining Communify and Fincentric creates a
differentiated and leading offering for the communication of market
and client data for the financial sector
Communify, a Just Build It (JBI) company led by the former
founders of InvestCloud, in partnership with Stellex Capital
Management, will be combined with Fincentric (formerly known as
Markit On Demand), a provider of digital experiences, curating
financial data distribution and other solutions, which was carved
out from S&P Global. The acquisition integrates Fincentric with
Communify's existing client communication, automation, and
management business for the global wealth and asset management
industries to form Communify Fincentric.
The newly formed Communify Fincentric represents a significant
leap forward in financial technology, addressing the industry’s
long-standing challenge of disjointed data sources and subpar
digital user experiences. By unifying market and client data
communication, Communify Fincentric offers a comprehensive,
on-brand, digital platform for any financial institution through an
immediately available SaaS-based product suite. This suite includes
Markets Apps, Client Apps, and Advisor Apps, all enhanced with the
design, advanced AI, automation and personalization capabilities
for which the JBI and Fincentric teams are known.
Building on Fincentric's strong presence in the US brokerage and
self-directed investor markets, Communify Fincentric is poised for
both domestic and international expansion, with a focus on serving
the broader wealth and asset management industries. The company's
reach is made possible by a flexible delivery model, offering both
off-the-shelf products and customized solutions for large
organizations worldwide. Communify Fincentric will combine
Fincentric's 30-year legacy, which includes serving more than half
of the top online brokerages in the US, with Communify's
cutting-edge design & technology expertise, in an effort to
create a powerhouse in financial data communication and
management.
John Wise, Chairman and CEO of Communify Fincentric said, “We’ve
followed Wall Street on Demand to Markit Digital/Markit on Demand
to Fincentric over the years for their outstanding ability to
create compelling user experiences with complex data sets to
investors. Their numbers speak for themselves – their product gets
165 million logins per month, accessing over 563 million page views
per day whilst leveraging 4,000 unique data feeds. Unifying
Fincentric's market data capabilities with Communify's expertise in
client data creates a strong digital partner for the financial
markets. Our shared client-centric, design-centric mindset will be
pivotal as we look to grow Communify Fincentric domestically and
worldwide.”
Renee Spampinato, Global Head of Fincentric, said, “Combining
our market data excellence with Communify’s leading client data
solutions creates a compelling proposition for the market. The
Communify team is well-known for their excellence in design
innovation, go-to-market and value creation. Unifying teams that
believe in design and innovation is very exciting.”
Irina Krasik, Managing Director, Stellex Capital Management
said, “We specialize in pairing strong assets with prominent
operators in an effort to create value. We believe the JBI team in
Communify has stellar credentials at growing businesses and were
the best partners for this opportunity.”
To learn more about Communify Fincentric, visit
www.communify.com.
About JBI
Just Build It (JBI) was founded to be a design and build
company, as in the name. The JBI team has over three decades of
expertise, having designed hundreds of digital and data solutions
for many of the largest firms in the financial services sector.
Today, JBI demonstrates the value-creation power of deploying
proven approaches and methods to boost innovation and transform
growth trajectories of existing companies.
About Stellex Capital Management
With offices in New York, Pittsburgh, Detroit, and London,
Stellex Capital is a private equity firm with over $2.8 billion in
AUM. Stellex seeks to identify and deploy capital in opportunities
that stand to benefit from its operationally focused approach to
investing. Additional information may be found at
www.stellexcapital.com.
About Communify Fincentric
Communify Fincentric, unifying the communication of market
(Fincentric) and client data (Communify), delivers unique, high
quality digital experiences for the financial industry. Founded on
decades of maturity in delivering complex market data to some of
the largest firms in financial services, Communify Fincentric’s
platform and Knowledge Bases allow excellent experiences at a
fraction of the cost of in-house solutions. Communify Fincentric’s
SaaS-based product suite unifies the communication of market and
client data through a library of financial apps, with solutions
including Communify Fincentric Markets Apps, Client Apps and
Advisor Apps. Communify Fincentric’s Knowledge Base of 4000+ unique
data feeds and 500M+ page views per day also powers advanced AI
capabilities for the next generation of communication, automation
and management of financial data. To learn more about Communify
Fincentric, visit www.communify.com.
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