Envestnet | Yodlee to acquire PIEtech for $500m
Wealthtech innovator Envestnet will bolster its existing advisor offerings with the purchase of PIEtech, a deal expected to close mid-2019, reports Julie Muhn at Finovate.
The deal expected to close mid-2019
This would be the tenth acquisition for the Chicago-based company. PIEtech is the parent company of MoneyGuide, a suite of goals-based financial planning applications for advisors.
“Financial planning is a key component of our vision for enabling Financial Wellness,” says Jud Bergman, chairman and CEO of Envestnet. “With MoneyGuide’s financial planning applications more deeply integrated into Envestnet’s wealth management solutions, enterprises, advisors and their clients can benefit from a frictionless wealth management technology solution across the application stack, driving higher productivity and better client outcomes.”
Envestnet will continue to build on MoneyGuide’s offerings, including MoneyGuideOne, MoneyGuidePro and MoneyGuideElite. These solutions are integrated with more than 150 wealth management providers.
Envestnet will leverage the acquisition to complement its Logix and Apprise features to provide advisors and their clients with access to financial planning capabilities. The deal will also enable Envestnet to offer additional domestic and international financial wellness solutions and will boost cross-selling opportunities.
Late last year, Envestnet | Yodlee entered into a strategic partnership with Blackrock in which Envestnet integrated BlackRock’s Digital Wealth technologies into its platform.
Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee has a market capitalisation of $3 billion.
