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SILVERWOOD PARTNERS ADVISES UNGER SOFTWARE CORPORATION IN SALE OF BUSINESS TO SCIVANTAGE

SHERBORN, MA – January 2, 2008

Scivantage (Jersey City, NJ), a leading provider of web-based, front- and middle-office technology solutions to the financial services industry, has acquired the assets of Unger Software Corporation (New York, NY), a provider of financial planning software. Unger Software will become a new division of Scivantage. In addition to the product integration efforts, the division will be re-branded as Financial Guidance Solutions.

Unger Software is the publisher of the Financial Compass and Methuselah financial analysis and planning suite of products. Scivantage will leverage Unger Software's complementary products, services and technical resources to extend the capabilities of its brokerage solutions and to further support Scivantage's strategic goal of delivering high performance, technology solutions that redefine and streamline the way financial institutions, financial professionals and their clients transact business.

"This acquisition marks an important phase in Scivantage's growth strategy, as we continue our expansion into the wealth management arena and maintain our focus on quickly establishing a leadership position. The incorporation of the Unger Software product suite provides an ideal strategic fit that will benefit our joint clients and partners, while further strengthening and expanding our portfolio," said Adnane Charchour, President and CEO of Scivantage. "We believe there is a significant opportunity to automate the financial planning process and better integrate it throughout key points of the transaction lifecycle. Our combined solutions will be unmatched in our effort to bring these two components closer together in a unified platform."

Michael Forbes, the current CEO of Unger Software, who will be the General Manager of the new division in Scivantage said; "Unger Software has always been committed to building and offering products that assist financial advisors in providing financial guidance to individual investors to assist them in making important financial decisions. The resources and market leadership of Scivantage enables us to extend this vision by providing a broad spectrum of products across the entire advice and planning marketplace; including not only the advisory led, but the self-directed segments as well."

Scivantage's Charchour concluded, "I want to welcome Unger's clients, partners and staff to the Scivantage family and we look forward to working together to help financial institutions and financial advisors build stronger, more profitable relationships."

This deal is Scivantage's third acquisition in as many years. Scivantage acquired the IT/professional services unit of Nova Corporation in June 2005 and notification management vendor Kenamea in November 2006.

Silverwood Partners acted as financial advisor to Unger Software Corporation.

About Unger Software Corporation

The company was founded in 1994 by tax attorney, estate planning and life insurance specialist, Harold Unger with a vision to develop financial guidance tools to support professional advisors and the companies that employ them. With a broad product offering spectrum, from basic financial calculators to complex cash flow based planning tools Unger Software's tools help both enterprises and individual advisors succeed. Four levels of planning functionality in two integrated product suites are included in the product offerings, all using a common database and calculation engine.

Both web-based deployments and synchronized desktop applications are offered, with a centralized enterprise platform also allowing for hybrid deployments. Open architecture enables full integration with existing systems including CRM, sales lead generation, asset allocation, quotation, proposal, product illustrations and back-office systems.

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.

 

About Silverwood Partners

Silverwood Partners is a sector focused investment bank that provides M&A and private capital raising advisory services to information, communications, financial services, and digital imaging technology companies, and healthcare, industrial and consumer companies. Silverwood delivers acquisition, divestiture or corporate sale advisory, strategic-financial advisory and institutional financing services to companies in its targeted business sectors. For additional information, please visit www.silverwoodpartners.com.

Important Information

This release may include forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about the future performance of one or more public companies. There are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, such as the competitive market in which any company operates, market acceptance of a public company’s existing and new products, a public company's ability to anticipate customer needs and the other factors set forth under the caption “Certain Factors That May Affect Future Results,” or similar, in a public company’s filings with the Securities and Exchange Commission or other similar regulatory agencies in non-U.S. jurisdictions. In addition, any forward-looking statements contained herein represent an estimate only as of the date of such statement and should not be relied upon as representing an estimate as of any subsequent date.

 

Press Contact
Jonathan Hodson-Walker
Managing Partner
Silverwood Partners
T. 508-651-2194
E. This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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