Envestnet, a leading provider of integrated technology and wealth management solutions, has signed a definitive agreement to be acquired by Bain Capital in a $4.5 billion deal. Shareholders will receive $63.15 per share in cash. Reverence Capital is also part of this strategic transaction, and prominent partners, including BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors, have committed to minority investments in the private company.
A Wealth Management Leader
With over $6 trillion in assets under management and nearly 20 million accounts, Envestnet empowers more than 109,000 financial advisors through its comprehensive, unified digital platform. Supporting over 800 asset managers, the platform is celebrated for enhancing advisor and investor experiences.
Recently, Envestnet was named a leader in Financial Planning, Portfolio Management, TAMP, and Billing Solutions by the 2024 T3/Inside Information Advisor Software Survey, highlighting its robust and innovative ecosystem.
Jim Fox, Chair of the Board and Interim CEO, remarked:
“The Board conducted a thorough process to maximize shareholder value. Envestnet’s success lies in its unmatched wealth management solutions, supporting advisors and investors globally.”
Bain Capital’s Vision for Envestnet
Phil Loughlin, Partner at Bain Capital, emphasized the company’s strengths:
“Envestnet’s platform is essential for wealth managers, RIAs, and broker-dealers. We’re excited to support its growth, invest in its innovative offerings, and deliver value to its customers and partners.”
Transaction Details
The agreement, unanimously approved by Envestnet’s Board, is expected to close in Q4 2024. It requires shareholder and regulatory approvals to proceed. Upon completion, Envestnet will become a private entity, and its common stock will no longer be publicly traded.
This milestone marks a transformative chapter for Envestnet as it partners with Bain Capital to drive its growth and innovation further.
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