Time: 2024-07-11
Envestnet , Inc. , a leading provider of integrated technology and wealth solutions , announced that it has entered into a definitive agreement to be acquired by Bain Capital for .5 billion . The transaction also includes participation from Reverence Capital . Strategic partners such as BlackRock , Fidelity Investments , Franklin Templeton , and State Street Global Advisors have committed to investing in the deal , with plans to hold minority positions in the private company . Envestnet , managing over trillion in assets , has been recognized for its industry - leading Wealth Management Platform by the 2024 T3 / Inside Information Advisor Software Survey.
Envestnet has been successful in enhancing the advisor and investor experience , supporting over 800 asset managers on its Wealth Management Platform . The company aims to better meet client financial goals with a comprehensive , integrated platform delivered at scale . With a commitment to supporting advisor growth and productivity , Envestnet is strategically positioned to achieve its next phase of growth under Bain Capital 's ownership . This acquisition marks a new chapter for Envestnet , its clients , partners , and employees , allowing for further investment in the platform 's functionality and solution set.
Under the terms of the agreement , Envestnet shareholders will receive 3.15 in cash for each share of common stock they own . The transaction is expected to close in the fourth quarter of 2024 , subject to customary closing conditions and regulatory approvals . Morgan Stanley & Co. LLC is acting as the exclusive financial advisor to Envestnet , while J.P. Morgan Securities LLC is the lead financial advisor for Bain Capital . RBC Capital Markets , BMO Capital Markets , Barclays , and Goldman , Sachs & Co. LLC provided committed debt financing for the transaction.
Envestnet 's acquisition by Bain Capital signifies a strategic move in the finance industry , bringing together leading players to drive innovation and growth in the wealth management sector . With a focus on delivering enhanced value to customers and partners , this acquisition sets the stage for Envestnet 's continued success and ability to provide holistic financial advice to clients through its innovative technology and data capabilities.
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