Envestnet has acquired Finance Logix, a technology company that provides financial planning and wealth management software solutions to banks, broker-dealers and RIA firms.
Following the acquisition, Finance Logix’s software will be integrated into Envestnet’s platform, allowing advisers to access financial planning as well as investment strategies for clients.
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In addition to offering the new integrated wealth management platform, Envestnet will continue to support the stand-alone financial planning software model for existing and new clients.
Envestnet has paid $24m in cash and $6.5m in stock shares for Finance Logix for a total of 123,410 shares of Envestnet common stock at $52.67 per share to be paid by 6 May 2025.
In addition, Envestnet has also agreed to pay an earn-out (in a mix of cash, stock and options) over a three year period, subject to Finance Logix meeting certain financial targets and other customary conditions.
Envestnet chairman and CEO Jud Bergman said: "This acquisition allows us to deliver that capability and increase the breadth of our platform and the functionality gap between our platform and competing platforms."
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