$185 Billion Bain Capital-Led Investment Group to Buy Financial Technology Company Envestnet for $4.5 Billion, Investors Include Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton & State Street Global Advisors, Envestnet Manages $6 Trillion Platform Assets, Supports 20 Million Accounts & 109,000 Financial Advisors, Envestnet Founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas & Jim Lumberg
14th July 2024 | Hong Kong
Alternative investment firm with $185 billion AUM Bain Capital-led investment group to buy financial technology company Envestnet for $4.5 billion, with investors including Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton & State Street Global Advisors. Envestnet manages $6 trillion platform assets, and supports 20 million accounts & 109,000 financial advisors. Envestnet was founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas & Jim Lumberg. Announcement (11/7/24): “Envestnet, Inc. (NYSE: ENV) (“the Company” or “Envestnet”), a leading provider of integrated technology, intelligent data and wealth solutions, today announced that it has entered into a definitive agreement to be acquired by Bain Capital in a transaction valuing the Company at $4.5 billion ($63.15 per share). Reverence Capital also agreed to participate in the transaction. Strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors have committed to invest in the proposed transaction, and upon its completion they will hold minority positions in the private company. Envestnet manages over $6 trillion in assets, oversees nearly 20 million accounts, and enables more than 109,000 financial advisors to better meet client financial goals with one of the most comprehensive, integrated platforms delivered at scale in a unified, engaging digital experience. The Company has had great success enhancing the advisor and investor experience, and currently supports over 800 asset managers on its Wealth Management Platform. Envestnet was recently recognized by the 2024 T3/Inside Information Advisor Software Survey as a leader in Financial Planning, Portfolio Management, TAMP and Billing Solutions — reinforcing the strength, depth and breadth of its industry-leading Wealth Management Platform and commitment to supporting advisor growth and productivity through its deeply connected ecosystem.” Transaction Details – Under the terms of the agreement, which has been unanimously approved by the Envestnet Board of Directors, Envestnet shareholders will receive $63.15 in cash for each share of common stock they own. The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions, including receipt of approval by Envestnet’s shareholders and required regulatory approvals. Upon completion of the transaction, Envestnet’s common stock will no longer be publicly listed, and Envestnet will become a privately held company.
“ $185 Billion Bain Capital-Led Investment Group to Buy Financial Technology Company Envestnet for $4.5 Billion, Investors Include Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton & State Street Global Advisors, Envestnet Manages $6 Trillion Platform Assets, Supports 20 Million Accounts & 109,000 Financial Advisors, Envestnet Founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas & Jim Lumberg “
Jim Fox, Board Chair & Interim CEO of Envestnet: “The Board and its advisors conducted a process to maximize value for shareholders. I’m proud of what Envestnet has achieved over the years in becoming the leading wealth management platform in the industry.”
Phil Loughlin, Partner at Bain Capital: “Through its deeply connected ecosystem and innovative technology and data capabilities, Envestnet has built an industry-leading platform that the largest wealth management firms, RIAs and broker-dealers rely on to power their businesses.”
Marvin Larbi-Yeboa, Partner at Bain Capital: “We look forward to working with Envestnet’s talented and experienced leadership team and supporting their growth strategy through organic and inorganic initiatives, making further investments in its differentiated product offering, and delivering enhanced value to customers and partners.”
Milton Berlinski, Co-Founder & Managing Partner at Reverence Capital Partners: “Given Envestnet’s scale and competitive advantages in an industry that benefits from strong fundamental tailwinds, we believe the Company is strategically positioned to achieve its next phase of growth.”
Tom Sipp, EVP Business Lines of Envestnet: “This is a validation of Envestnet’s proven ability to operate at market-leading scale – serving more assets, accounts, and advisors and effectively connecting our company and our technology. This is an exciting new chapter for Envestnet, our clients, our partners and our employees. Together with Bain Capital, we are committed to investing in our platform making it more customized, connected, and intelligent. As a private company, we can accelerate our ability to further elevate our market-leading platform with greater functionality and an even broader solution set that enables advisors to better serve clients at all stages of their financial life.”
Bill Crager, Co-founder of Envestnet: “This is a great outcome for Envestnet’s clients and employees, and one that maintains its entrepreneurial spirit. Envestnet is exceptionally well positioned to continue to build a gateway to the future of financial advice. I couldn’t be more excited about the company going forward, its continued success and ability to serve more advisors – enabling them to deliver more holistic financial advice.”
About Envestnet – Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than $6 trillion in platform assets—more than 109,000 advisors, 17 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs — thousands of companies, depend on Envestnet technology and services to help drive business growth and productivity, and better outcomes for their clients. Data as of 3/31/24. Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper dive into how Envestnet is shaping the future of financial advice, visit www.envestnet.com.
About Bain Capital – Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management.
About Reverence Capital Partners – Reverence Capital Partners is a private investment firm focused on three complementary strategies: (i) Financial Services-Focused Private Equity, (ii) Opportunistic, Structured Credit, and (iii) Real Estate Solutions. Today, Reverence manages in excess of $10 billion in AUM. Reverence focuses on thematic investing in leading global Financial Services businesses. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 100 years of advisory and investing experience across a wide range of Financial Services sectors.
$185 Billion Bain Capital-Led Investment Group to Buy Financial Technology Company Envestnet for $4.5 Billion, Investors Include Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton & State Street Global Advisors, Envestnet Manages $6 Trillion Platform Assets, Supports 20 Million Accounts & 109,000 Financial Advisors, Envestnet Founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas & Jim Lumberg
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