Broadridge clients to gain access to Scivantage Maxit®, the market-leading cost basis solution with significant new functionality enhancements, including support for TARP III compliance
Broadridge Financial Solutions (NYSE: BR) today announced a strategic partnership with Scivantage® - an independent financial technology provider with proven expertise in cost basis applications - to provide cost basis solutions to Broadridge clients. As part of the partnership agreement, Broadridge and Scivantage will collaborate on other distribution opportunities for Broadridge solutions such as business process outsourcing, reconciliations, and performance reporting.
Scivantage's Maxit® platform will be integrated with Broadridge's processing engine and hosted in Broadridge's world class data centers to provide clients with a market-leading solution backed by state-of-the-art security, redundancy and scalability. Additionally, some Broadridge associates will join Scivantage to ensure a smooth client transition and seamless ongoing support.
"Our partnership with Scivantage is a win-win for our clients, Broadridge, and Scivantage," said Susan Certoma, President, Brokerage Processing Solutions, Broadridge. "Broadridge is committed to bringing our clients access to best-in-class solutions that set the standard for the industry. After carefully considering the build-versus-partner option and performing extensive due diligence on potential partners, Broadridge selected Scivantage as the best solution provider for our clients."
Adnane Charchour President and CEO, Scivantage, commented, "Broadridge is at the forefront of transforming operational challenges into strategic advantages for its clients, a goal we at Scivantage share. Cost basis reporting is one of the most challenging regulatory issues facing the industry. With new reporting requirements continuing to roll out, a reliable technology partner with cost basis expertise can help create a competitive advantage. Scivantage Maxit goes beyond cost basis compliance to provide real-time, tax-based investment decision support, which will help Broadridge's clients, their advisors and their investors minimize tax liabilities and increase after-tax performance."
Scivantage Maxit is a fully automated, real-time solution that provides accurate, adjusted cost basis reporting through a highly configurable platform. Maxit enables broker-dealers, mutual funds, custodians and prime brokers to streamline cost basis reporting and deliver a superior client experience, while reducing operational costs. Developed by experts in the tax compliance and cost basis software field, Maxit is designed to deliver a full range of tools to help clients track capital gains, generate IRS Schedule D forms for tax filing and improve investment tax decisions.