Scivantage Announces $22M Investment from BBH Capital Partners

Jeffery Meskin and Charles Shufeldt of Brown Brothers Harriman join board of directors

JERSEY CITY, N.J., December 8, 2010Scivantage, a leading provider of Web-based, front- and middle-office technology solutions to the financial services industry, today announced it has secured a $22 million investment from Brown Brothers Harriman Capital Partners (“BBH Capital Partners’), the private equity division of Brown Brothers Harriman & Co.

The funding round totals $28 million including the $22 million equity investment from BBH Capital Partners and an additional $6 million in senior debt. The senior debt facility was provided by The Provident Bank. The investment will be used to provide growth capital to Scivantage and liquidity for certain early-stage Scivantage investors. As part of the investment, BBH Capital Partners Jeffrey Meskin and Charles Shufeldt have joined the Scivantage Board of Directors. The investment from BBH Capital Partners comes as Scivantage celebrates its 10th anniversary as an independent technology firm delivering solutions to the online brokerage, wealth management and mutual fund markets, including automated cost basis reporting, advanced trading and customer service portals and wealth management solutions.

“Our investment in Scivantage reflects our confidence in the company’s proven ability to execute on its growth strategy and unique value proposition to financial institutions,’ said Jeffrey Meskin, managing director and co-head of BBH Capital Partners. “In addition to a rapidly growing revenue stream, Scivantage possesses many of the characteristics we look for in an investment opportunity, including a strong management team, a capital-efficient business model and a strong competitive position.’

“As a bank working with Scivantage for a number of years, we understood their unique business needs and recognized the company’s potential for continued growth,’ said William Ruckert, senior vice president of middle marketing lending at The Provident Bank. “Our lending team worked closely with Scivantage executives to come up with the best financial solution to help expand their business. We are pleased to be able to provide a flexible financing program for this unique transaction.’

“The investment made by BBH Capital Partners is a resounding validation of our vision, technological expertise and capability to continue as a leading technology provider to the financial services market. This investment marks an important milestone as we enter our next phase of growth,’ Adnane Charchour, Scivantage president and CEO, said. “We’re excited to welcome Jeff and Charles to our board, and look forward to the insights and extensive network of resources the BBH Capital Partners team will bring to the future of Scivantage.”

About Scivantage

Leading financial institutions depend on Scivantage for essential front- and middle-office applications that deliver transaction-critical data, automate key business processes and drive operational efficiencies. Scivantage’s proven, back-office independent brokerage solutions offer a powerful suite of applications that span the workflow of financial professionals and support the complex investment needs of the retail investor. From online trading and event notification management to automated account opening, maintenance and funding, Scivantage enables financial institutions and financial professionals to dramatically reduce operational costs, strengthen customer relationships and improve productivity. For more information, please visitwww.scivantage.com or contact us at +1.866.724.8268.

Enabling Financial Transactions. > Automate > Connect > Transact

About BBH Capital Partners

BBH Capital Partners typically invests $10 million to $30 million of one-stop junior capital in lower middle market companies in a variety of transactions including management or leveraged buyouts, growth financings, recapitalizations and acquisitions. Typically, BBH Capital Partners seeks to invest in companies with enterprise values ranging from $20 million to $200 million. By investing in a variety of subordinated debt and equity securities in control and non-control transactions, BBH Capital Partners offers highly customized financing solutions for companies seeking capital. For more information please visit www.bbh.com .

About The Provident Bank

With $4.9 billion in deposits, The Provident Bank (www.ProvidentNJ.com) serves its customers via a network of more than 80 branches throughout northern and central New Jersey. The Provident Bank is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS), which reported assets of $6.8 billion as of September 30, 2010.

This press release shall not constitute an offer to sell nor a solicitation of an offer to purchase any security.

Posted in Press Release.