Stellex Capital, Communify Acquire Fincentric

News August 16, 2024 at 02:12 PM

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Stellex Capital Management, the private equity firm, and Communify, a business belonging to financial software startup Just Build It, have acquired financial data solutions company Fincentric from S&P Global.

The deal combines Fincentric (formerly Markit On Demand) with Communify's client communication, automation and management business to form Communify Fincentric, which is owned jointly by Stellex and JBI and is led by Chairman and CEO John Wise. Wise is a co-founder of Just Build It, as well as a former CEO of InvestCloud.

Communify Fincentric offers a comprehensive digital platform for financial institutions through a SaaS-based product suite with markets, client and advisor applications.

Building on Fincentric's presence in the U.S. brokerage and self-directed investor markets, the company aims to expand in the wealth and asset management industries domestically and globally.

"Unifying Fincentric's market data capabilities with Communify's expertise in client data creates a strong digital partner for the financial markets," according to Wise.

"Our shared client-centric, design-centric mindset will be pivotal as we look to grow Communify Fincentric domestically and worldwide," he added.

Said Irina Krasik, Stellex Capital Management managing director, "We specialize in pairing strong assets with prominent operators in an effort to create value, [and] we believe the JBI team in Communify has stellar credentials at growing businesses and were the best partners for this opportunity."

Pictured: John Wise

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