- Acquisition Details: Stellex Capital Management, a US private equity firm with over $2.8 billion in assets, has acquired Fincentric (formerly Markit On Demand) from S&P Global for an undisclosed sum.
- Background on Fincentric: Fincentric, which specializes in digital experiences and financial data distribution, became part of S&P Global following its merger with IHS Markit in 2022.
- Integration with Communify: As part of the acquisition, Fincentric will be combined with Communify, a California-based company under Just Build It (JBI), to form Communify Fincentric.
- New Entity Leadership: John Wise, the chairman and CEO of the newly formed Communify Fincentric, highlighted Fincentric’s significant performance, including 165 million logins per month and over 563 million page views per day.
- Product Offering: Communify Fincentric will offer a SaaS product suite that includes Advisor Apps, Client Apps, and Markets Apps, all leveraging advanced AI and personalized design capabilities.
- S&P Global’s Recent Activity: Prior to the sale, S&P Global participated in the €34 million Series B funding round for the Swedish climate tech start-up Doconomy.
- Timeline: The acquisition is expected to be finalized during the remainder of 2024 and into the first half of 2025.
