Scottrade Financial Services is selling its Portfolio Director software business unit based in Pennsylvania to Scivantage.
Scottrade Financial Services is part of Town and Country-based online brokerage firm Scottrade Inc. The company acquired Portfolio Director's software in 2008. A Scottstrade spokesman said the sale will close later this year.
Financial terms of the transaction were not disclosed. Jersey City, N.J.-based Scivantage said the acquisition gives the company access to product suites Portfolio Director WEB, for financial advisers and investors, and Portfolio Director DESKTOP, for small-shop financial advisers.
“Investors have long sought both a meaningful way to measure their performance, and to have actionable tools for improving upon past performance," Steve Walkenbach, president of Scivantage subsidiary Malbec LLC, said in a statement announcing the deal.
"We plan on making several product enhancements, including the ability to create customized reports that can be delivered in a compelling, user-friendly format, ultimately enabling customers to better manage their investments.”