Envestnet, Inc.NYSE
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  • Mon, Oct. 10, 12:58 PM
    • Envestnet (NYSE:ENV) acquired Wheelhouse Analytics LLC for an undisclosed term.
    • "We have built our company with a sharp focus on designing analytics and education tools that provide key business insights and enable our customers to become change agents in running their businesses more profitably while providing key support to investment advisors," said Frank Coates, CEO of Wheelhouse Analytics, who will join Envestnet | Yodlee as Executive Managing Director. "Combining Wheelhouse capabilities with Envestnet's Vantage enterprise data management solution, we can deliver the industry's most comprehensive oversight and surveillance tool to support compliance with the DOL Fiduciary Rule. We also look forward to continuing to invest in enhancing and expanding our current set of solutions."
    • Press Release
    | Mon, Oct. 10, 12:58 PM
  • Aug. 10, 2015, 5:37 PM
    • Wealth management software firm Envestnet (NYSE:ENV) is acquiring cloud financial services software/data provider Yodlee (NASDAQ:YDLE) for $18.88/share, or $660M. After backing out $70M in cash on hand, the deal's enterprise value is $590M.
    • Envestnet/Yodlee: "Yodlee powers digital financial solutions for over 20 million paid users and over 850 financial institutions and financial technology innovators ... the company has built a network of over 14,000 data sources and been awarded 72 patents ... The combination of Envestnet's end-to-end wealth management platform and Yodlee's data aggregation solutions will deliver more value through the Envestnet platform than ever before."
    • Envestnet is paying $10.78/share in cash and $8.10/share in stock. The cash portion will be partly financed via $200M in debt. The deal is expected to close in Q4 2015 or Q1 2016.
    • The announcement comes in tandem with each company's Q2 report. Yodlee has soared to $18.20 in AH trading.
    • Q2 results: Envestnet, Yodlee
    | Aug. 10, 2015, 5:37 PM | 1 Comment