Envestnet Announces $4.5 Billion Acquisition by Bain Capital

Envestnet, Inc. (NYSE: ENV), a leading provider of integrated technology, intelligent data, and wealth solutions, has entered into a definitive agreement to be acquired by Bain Capital for $4.5 billion ($63.15 per share). Reverence Capital will also participate in the transaction, with strategic partners BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors committing to minority positions upon completion.

Envestnet manages over $6 trillion in assets, oversees nearly 20 million accounts, and supports more than 109,000 financial advisors. The company has been recognized by the 2024 T3/Inside Information Advisor Software Survey as a leader in Financial Planning, Portfolio Management, TAMP, and Billing Solutions.

“The Board and its advisors conducted a process to maximize value for shareholders,” said Jim Fox, Board Chair and Interim CEO of Envestnet.

“Envestnet has built an industry-leading platform that the largest wealth management firms rely on to power their businesses,” said Phil Loughlin, Partner at Bain Capital. “We look forward to supporting their growth strategy and delivering enhanced value to customers and partners.”

The transaction, unanimously approved by Envestnet’s Board of Directors, is expected to close in Q4 2024, subject to customary conditions including shareholder and regulatory approvals. Upon completion, Envestnet will become a privately held company.