Bain Capital to acquire US fintech Envestnet in $4.5bn deal

Bain Capital to Acquire Envestnet for $4.5 Billion: Key Points

1. Acquisition Announcement:
   • Bain Capital will acquire US wealth management software provider Envestnet for $4.5 billion.
   • The deal is expected to close in Q4 2024.
2. Investor Consortium:
   • Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors are participating as minority investors.
3. Company Status:
   • Envestnet will become a privately held company after the acquisition.
   • The deal has been unanimously approved by Envestnet’s board of directors.
4. Company Background:
   • Founded in 1999 by Jud Bergman, Bill Crager, Brandon Thomas, and Jim Lumberg.
   • Envestnet offers a wealth management platform for financial advisors and businesses.
   • Manages over $6 trillion in assets and nearly 20 million accounts globally.
5. Leadership and Strategic Vision:
   • Interim CEO James Fox emphasizes maximizing value for shareholders.
   • Co-founder and senior adviser Bill Crager highlights the positive outcome for clients and employees.
   • Bain Capital partner Marvin Larbi-Yeboa commits to supporting Envestnet’s growth through organic and inorganic initiatives and further investments in its product offerings.