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

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

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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.

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