Tuesday, July 23, 2024
23.6 C
New York

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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

Boku names former NatWest exec Rob Whittick as new CFO

Key Points:Company Background:Headquarters: London and San Francisco ...

CFPB proposes new rule to include payday advances under Truth in Lending Act

Key Points:Proposed Rule:Payday loan advances would be...

B2B paytech Slope lands $65m equity and debt funding led by JP Morgan

Key Points:Investment Details:Total Investment: $65 million Led...

US fintech Coast bags $40m Series B for product, partnership and team expansion

Key Points:Investment Details:Total Raised in Series B:...

Black Hills Federal Credit Union tasks NCR Atleos with ATM management in new agreement

Black Hills Federal Credit Union (BHFCU) Partners with NCR...

RTGS.global co-founder and CTO Andrew Smith announces departure

Andrew Smith to Depart RTGS.globalPosition: Co-founder and Chief...

Related Articles

Popular Categories

spot_imgspot_img