Envestnet (ENV), which provides wealth-management platform and other technology to some 29,500 advisors, said Monday that it is buying Yodlee (YDLE), a data aggregator and software developer with a personal financial-management website, for about $660 million in cash and stock.
The news comes just three months after Envestnet announced plans to acquire Finance Logix, a technology firm that provides financial planning and wealth management software solutions to banks, broker-dealers and RIA firms, which include about 20,000 advisors.
The company also reported its second-quarter earnings, which beat anaysts' estimates: Its adjusted revenue grew 21% from last year to nearly $103 million; adjusted earnings grew to $8.9 million, or $0.24 per share, from $6.6 million, or $0.18, a year earlier. Total client assets under administration and management were close to $258 billion, up 23% from the year-ago period.
"The acquisition of Yodlee is a watershed moment in the financial technology industry. We have long admired Yodlee's innovative solutions and are excited to bring the companies together," said Jud Bergman, chairman & CEO of Envestnet, in a statement. "The union of these two pioneers will enable investors and the advisors who serve them to access and make better sense out of their disparate and complicated financial data."
