Wealthtech entrepreneur John Wise and Stellex Capital Management have acquired S&P Global’s Fincentric business to enhance digital experiences and financial data distribution for the wealth, broking, and asset management sectors.
Wise has a notable history in financial technology, having founded several businesses, including InvestCloud, Netik, and Synergo. He most recently departed InvestCloud in 2023 after achieving a valuation of $1 billion for the company.
Fincentric, originally known as Wall Street on Demand and later as Markit on Demand, has a 30-year legacy. The firm primarily offers market data and charting services to US brokerages catering to self-directed investors. It will now merge with Communify, Wise’s latest venture, and operate as Communify Fincentric, with Wise serving as CEO.
Wise stated, “We’ve closely followed Wall Street on Demand to Markit on Demand to Fincentric over the years for their exceptional ability to deliver engaging user experiences using complex data. Their product experiences 165 million logins each month, with over 563 million page views daily, leveraging 4,000 unique data feeds.”
He elaborated on the merger’s rationale: “Combining Fincentric’s market data capabilities with Communify’s proficiency in client data positions us as a strong digital partner for the financial markets. Our shared focus on client-centric and design-centric approaches will be essential as we aim to expand Communify Fincentric both domestically and globally.”
In February 2024, reports indicated that S&P Global was exploring options for Fincentric, which had been integrated into S&P Global following the $44 billion acquisition of IHS Markit in 2020. This integration led to Fincentric being somewhat overlooked within the larger corporate structure. Stellex Capital Management, which funded the acquisition, is known for identifying and enhancing undervalued corporate assets.
Irina Krasik, Managing Director at Stellex, commented, “We specialize in teaming strong assets with capable operators to create value. The Communify team has excellent credentials for growing businesses, making them the ideal partners for this opportunity.”
FinextraTV had the opportunity to interview John Wise regarding the strategy behind the deal and his future plans for Communify Fincentric.
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