Envestnet, a provider of unified wealth management technology and services to financial advisors, has completed the purchase of Yodlee, a cloud-based data analytics company, for $538m.
The completion of the deal follows the receipt of all necessary regulatory approvals and approval of the transaction by Yodlee’s stockholders.
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Under the terms of the agreement, Yodlee stockholders will receive $11.51 in cash and 0.1889 of a share of Envestnet common stock per Yodlee share.
As part of the deal, Yodlee director and CEO Anil Arora will join Envestnet as CEO of the combined entity as well as the Envestnet board, as vice chairman.
Envestnet chairman and CEO Jud Bergman said: "Yodlee’s pioneering data aggregation solutions greatly strengthen Envestnet’s broadly integrated wealth management platform and solve a mission critical problem that advisors and their clients are facing today – efficient client onboarding and comprehensive planning over all of the client’s assets."
Envestnet|Yodlee CEO Anil Arora said: "The combination taps Yodlee’s expansive ecosystem of financial institutions and financial technology innovators utilizing our industry-leading financial data platform, APIs, and solutions to drive their continued business success and to also fuel our new combined company’s strength and momentum in the wealth management space."
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