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Bain Capital and Reverence Capital Acquire Envestnet for $4.5 Billion

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by Dwaine Evans
August 16, 2024
Bain Capital and Reverence Capital Acquire Envestnet for $4.5 Billion

In a landmark transaction valued at $4.5 billion, Bain Capital and Reverence Capital have come to an agreement to acquire Envestnet, a foremost provider of wealth management technology and data. Envestnet, which oversees more than $6 trillion in assets across nearly 20 million accounts and supports over 109,000 financial advisors, has earned a solid reputation for its contributions to the sector. The company is an essential partner to significant clientele, including 16 of the top 20 U.S. banks and 48 of the top 50 wealth management and brokerage firms. With this acquisition, both Bain Capital and Reverence Capital are poised to make substantial strides in the wealth management technology landscape.

The acquisition deal has received unanimous approval from Envestnet’s board and is expected to close in the fourth quarter. As part of the agreement, shareholders will be given $63.15 per share in cash. Bain and Reverence are not alone in this endeavor, as they receive backing from a consortium of minority investors, including industry giants like BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors. This concerted effort underscores the collective confidence in Envestnet’s robust software and data platform, which has become indispensable to the industry’s largest players, Registered Investment Advisors (RIAs), and broker-dealers.

Envestnet’s Strategic Growth and Industry Impact

In a monumental $4.5 billion deal, Bain Capital and Reverence Capital have agreed to acquire Envestnet, a leading provider of wealth management technology and data. Envestnet manages over $6 trillion in assets across nearly 20 million accounts and supports more than 109,000 financial advisors. The company is critical to major clients, including 16 of the top 20 U.S. banks and 48 of the top 50 wealth management and brokerage firms. This acquisition positions Bain Capital and Reverence Capital to make significant advancements in the wealth management tech space.

The deal has received unanimous approval from Envestnet’s board and is expected to close in the fourth quarter. Shareholders will receive $63.15 per share in cash. Bain and Reverence are not acting alone; they have support from a consortium of minority investors, including industry leaders like BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors. This joint effort highlights the collective trust in Envestnet’s robust software and data platform, which has become crucial for the industry’s major players, Registered Investment Advisors (RIAs), and broker-dealers.

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