Berwyn, Pa.-based Envestnet, Inc. announced it had been acquired by affiliates of Bain Capital Monday.
The integrated technology, intelligent data and wealth solutions company was purchased for $63.15 per share, or approximately $4.5 billion. The transaction supports Envestnet’s next chapter as a private company, officials said. Other participants in the transaction included Reverence Capital, Norwest, BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors.
“This represents an exciting new chapter in Envestnet’s history, paving the way for accelerated growth and building on our position as a leading wealth management platform in the industry,” Jim Fox, Board Chair and Interim CEO for Envestnet, said.
With $6.5 trillion in platform assets, more than 20 million accounts and more than 111,000 financial advisors as clients, Envestnet said it is “transforming the way advice is delivered.” The company uses connected technology, advanced insights, and comprehensive solutions to help financial advisors drive business growth and productivity, the company said.
“Together with Bain Capital, Envestnet will continue to deliver on its mission, empowering firms and advisors with the wealth technology and solutions to holistically serve their clients,” Tom Sipp, EVP for Envestnet, said.
Envestnet’s common stock will no longer be publicly listed on the New York Stock Exchange, and the company will now operate as a privately held company, officials said.