Communify, a company owned by Just Build It (JBI), a software investment firm founded earlier this year by former InvestCloud founder John Wise, has acquired Fincentric, a developer of mobile applications and websites for retail brokers and other financial institutions, from S&P Global. Communify is making the investment alongside Stellex Capital Management, a New York-based private equity firm.
The two companies will merge to form Communify Fincentric, a digital platform that includes market applications and apps for clients and advisors. It will be aimed at the global wealth and asset management industry, and Wise will serve as chairman and CEO, an announcement said.
Fincentric, formerly Markit on Demand, serves more than half of the leading online brokers in the US. The combined company will offer both standard products and customized tools for large organizations. The software will draw on more than 4,000 data feeds.
“We have followed Wall Street on Demand to Markit Digital/Markit on Demand to Fincentric over the years due to their outstanding ability to create compelling user experiences with complex data sets for investors,” Wise said in a statement. “Their numbers speak for themselves – their product receives 165 million logins per month, accesses over 563 million page views per day, and leverages 4,000 unique data feeds. Combining Fincentric’s market data capabilities with Communify’s expertise in customer data creates a strong digital partner for the financial markets. Our shared customer-centric, design-centric mindset will be critical as we look to grow Communify Fincentric domestically and globally.”
In April 2023, wealth technology platform InvestCloud announced a management shakeup. Co-founder and CEO Wise left the company and Richard Lumb, a board member of the company, served as interim CEO. In January, Jeffery Yabuki, chairman and founding partner of Motive Partners, one of InvestCloud’s private equity owners, was appointed chairman and CEO.
