August 16, 2024,Los Angeles, United States : 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.”