Envestnet, a leading finance technology platform, has recently announced its acquisition by Bain Captial in a take-private transaction valued at $4.5 billion. Reverence Captial has also agreed to participate in the transaction, with strategic partners such as BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors committed to investing in the deal.
Envestnet is widely acknowledged as the leading provider of integrated technology, intelligent data, and wealth solutions, managing over $6 trillion in assets and enabling more than 109,000 financial advisors to better meet client financial goals. The company has received industry recognition, particularly for its leadership in Financial Planning, Portfolio Management, TAMP, and Billing Solutions.
The Board Chair and Interim CEO of Envestnet, Jim Fox, expressed pride in the company’s achievements and position in the industry. Moreover, Phil Loughlin, a Partner at Bain Capital, affirmed the value of Envestnet’s industry-leading platform and expressed interest in supporting the company’s growth strategy through various initiatives.
The take-private deal, which is expected to close in the fourth quarter of 2024, will see Envestnet transition from a publicly listed company to a privately held one, reflecting Bain Capital’s confidence in Envestnet’s scale, competitive advantages, and ability to achieve its next phase of growth.
Envestnet, a company serving the wealth management industry for over 25 years, holds more than $6 trillion in platform assets and empowers thousands of companies to drive business growth and productivity. With an ecosystem of connected technology, advanced insights, and comprehensive solutions, Envestnet is at the forefront of shaping the future of financial advice.
In connection with the deal, the company will file a proxy statement and other relevant documents with the SEC. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shareholders are urged to read the proxy statement and other documents carefully before making any voting or investment decision.
Envestnet’s acquisition by Bain Capital marks an exciting new chapter for the company, as it continues to build a gateway to the future of financial advice. This take-private deal, while signaling a change in the company’s structure, maintains its entrepreneurial spirit and forward-looking approach.
The future looks promising for Envestnet, with Bain Capital’s support contributing to the company’s ability to serve more advisors and deliver more holistic financial advice. The acquisition provides an opportunity for Envestnet to accelerate its ability to further elevate its market-leading platform with enhanced functionality and an even broader solution set, enabling advisors to better serve clients at all stages of their financial life.