Bain Capital close to acquiring Envestnet – Media

There have been reports in the media that Envestnet is up for sale, with speculation that a large US private equity firm is close to finalizing the transaction.

US private equity firm Bain Capital is close to buying financial software provider Envestnet, which is valued at around $3.5 billion, Reuters Agency it was announced yesterday.

The report said a deal could be signed as early as this week.

This Reuters Agency The report said Envestnet and Bain did not immediately respond to requests for comment. Family Wealth Report He has also contacted Bain Capital and Envestnet for comment and may update this report in due time.

Envestnet is in crisis: In early 2024, Bill Crager officially announced his official resignation as CEO, although, as this analysis shows, “TRY IT”As an American correspondent revealed in January, Crager was close to failure due to complaints about the company’s performance on the stock exchange.

Yesterday, Envestnet shares were trading at just over $63.25. They are up 27.5% since January.

Envestnet provides technology tools to financial advisors and wealth managers. Crager founded Envestnet with the late Jude Bergman in 1999 out of a rapidly growing independent advisory business. Envestnet has become the industry’s best-known turnkey asset management program (TAMP) and a powerful provider of financial technology-based back office services, working with more than 103,000 firms in 4,900 countries with a combined $5.4 trillion in client assets.

The company hired new directors in 2023 to end a board challenge from activist investor Impactive Capital, which was pushing for improved performance. There were earlier reports that Envestnet was up for sale.