Bain Capital reportedly closing in on deal to acquire Envestnet

Bain Capital Nears Deal to Acquire Envestnet: Key Points

1. Potential Acquisition:
   • Bain Capital, managing around $185 billion in assets, is reportedly close to acquiring financial software provider Envestnet.
2. Envestnet Overview:
   • Headquartered in Pennsylvania, Envestnet offers financial planning, data and analytics, and wealth management solutions.
   • It serves 17 of the 20 largest US banks and 48 of the 50 largest wealth management and brokerage firms.
3. Market Value and Deal Details:
   • Envestnet has a market value of approximately $3.5 billion.
   • The acquisition is expected to value Envestnet close to its current stock price of around $63.
4. Timeline and Announcement:
   • The deal could be announced as early as this week.
5. Leadership Transition:
   • The potential acquisition follows the departure of long-term CEO Bill Crager at the end of March.
   • James Fox, the board’s chair, is serving as interim CEO during the search for a permanent successor.
   • Crager continues to contribute as a senior adviser.