Scivantage Promotes Key Executives to Newly Minted C-Suite Posts

Promotions cap off a record 2010 growth year

JERSEY CITY, N.J., March 2, 2011Scivantage, a leading provider of Web-based, front- and middle-office technology solutions to the financial services industry, today announced that Tony Scrimenti has been appointed to the newly created position of Executive Vice President, Chief Information Officer (CIO), to reflect Scivantage’s organic evolution and continued focus on bringing business-critical brokerage technology products and services to the market.

In his new role, Scrimenti will be responsible for the management of Scivantage’s overall strategy and delivery of technology solutions. He will focus on further improvements in the areas of architecture and advanced development, security and reliability, quality assurance, delivery and client support. Previously, Scrimenti held the post of Executive Vice President of Technology Infrastructure at Scivantage. Scrimenti, who joined the firm from Nova Corporation in 2005, will report directly to Adnane Charchour, Scivantage’s President and Chief Executive Officer.

Scivantage also promoted Dave Hagen as the company’s first Chief Marketing Officer (CMO), further exhibiting growth fueled by a successful 2010. Hagen will be responsible for the structure, strategy and execution of all of Scivantage’s marketing efforts, with primary emphasis on building value in the Scivantage brand and developing integrated marketing programs that drive growth across all of the company’s products and services. Hagen will direct the expansion of the marketing team and will oversee the company’s overall brand positioning and demand generation initiatives, including client acquisition and retention, corporate communications and public relations. Hagen, who joined Scivantage in 2007 as Vice President of Marketing, will also report directly to Charchour.

In addition to celebrating its 10th anniversary last year, Scivantage has earned tremendous accomplishments, bringing on a record number of clients and developing new products to meet market needs. Some of the 2010 highlights include:

  • Regulatory changes drove industry demand for Scivantage’s cost basis solution, Maxit™, with nine new clients signed, including industry leading firms such as Vanguard, Scottrade and Raymond James
  • $28 million equity investment from Brown Brothers Harriman Capital Partners to provide growth capital to Scivantage and liquidity for certain early-stage Scivantage investors
  • Launch of the automated portfolio rebalancing module, which eliminates manual, time-consuming, error-prone processes to increase accuracy and improve advisor productivity
  • Debut of the Scivantage Mobile Brokerage Platform, a full suite of advanced mobile trading and account management applications for the Blackberry® and Apple’s iPhone™ and iPad™

Charchour said, “As Scivantage enters its second decade in the market, I am proud of our continued success as a truly independent technology firm and an established leader in online brokerage technology. In creating the CIO position for Tony Scrimenti and moving Hagen into the CMO role, we are realigning our executive team to place a greater emphasis on two key priorities — delivering on our technology vision, and clearly communicating our value proposition to Scivantage’s key audiences and stakeholders.”

Scrimenti added, “I am extremely pleased to take on the new role of Chief Information Officer. I am looking forward to continuing our commitment to meeting client needs by developing innovative, market-leading technology solutions. Working with the technology team, I plan to focus on maintaining our high standards while expanding our customer base.”

Hagen commented, “It is an exciting time at Scivantage as our footprint continues to grow at a rapid pace, along with our suite of online brokerage and wealth management products. Scivantage has always been focused on building an amazing brand experience, keeping our clients’ interests and needs at the center of all that we do. I look forward to contributing to the continued growth and success of Scivantage in my new and expanded role.”

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 visit www.scivantage.com or contact us at +1.866.724.8268.

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Posted in Press Release.