Tuesday, August 11, 2015

Online Investment Tool Provider Envestnet Acquires Yodlee

Online investment tool provider Envestnet Inc. (NYSE: ENV), said that it has reached a deal to acquire Yodlee in a cash and stock transaction that values the company at about $18.88 per share or $590 million.The deal is a smart move for both companies, combining Yodlee's data aggregation solutions with Envestnet's end-to-end wealth management platform will deliver more value and empower financial advisors to deliver better decisions and outcomes.

Founded in 1999 and based in Redwood City, California, Yodlee is a leading technology and application platform powering dynamic, cloud-based innovation for digital financial services. Yodlee develops products to help financial-app makers connect to bank accounts of user. It also collects transaction data from cards associated with those users and sells access to a subset of the overall data to the investment firms. Yodlee powers digital financial solutions for over 20 million paid users and over 850 financial institutions, including 11 of the 20 largest US banks. Its clients include Point72 Asset Management LLP and Tiger Global Management LLC. 

Jud Bergman, Chairman and CEO of Envestnet, said in a statement: “The acquisition of Yodlee is a watershed moment in the financial technology industry. We have long admired Yodlee’s innovative solutions and are excited to bring the companies together”, and also added: “The union of these two pioneers will enable investors and the advisors who serve them to access and make better sense out of their disparate and complicated financial data. We believe this represents a quantum leap in accuracy and knowledge that will deliver better outcomes to improve the financial health of investors.” 

Chicago-based Envestnet is a leading provider of unified wealth management technology and services to financial advisors. Envestnet's open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. 

The deal, which is subject to customary closing conditions and shareholders approval, is expected to close in the fourth quarter of 2015 or in the first quarter of 2016. the two companies will continue to operate separately until the deal closes.  outcomes.

Sandler O'Neill + Partners, LP was Envestnet's financial adviser and Mayer Brown LLP acted as legal counsel. Goldman, Sachs & Co. advised Yodlee and Wilson, Sonsini Goodrich & Rosati provided legal advice. 

Image Credit: ThinkAdvisor

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