Scottrade sells software unit to N.J. firm

Scottrade Financial Services Inc. has sold an investment management software unit to Jersey City, N.J.-based Scivantage.

Terms of the deal, in which Scottrade let go of its company Portfolio Director, were undisclosed, according to the St. Louis Business Journal.

Scivantage, which provides Web-based software for online brokerage, tax and portfolio reporting, as well as wealth management applications, reportedly had 2012 revenue of roughly $35 million.

Read more at the St. Louis Business Journal.