US-based wealth tech provider Envestnet is considering options after it received acquisition interest, Bloomberg reported, citing people privy of the development.

The firm has been approached by at least one private equity firm for takeover, according to the sources.

The people, who have asked to not be identified as the matter isn’t public, also told the publication that Envestnet is currently evaluating the interest, and a deal is not imminent.

Envestnet declined to comment when approached by the news agency.

The Chicago-headquartered firm provides software and data that help wealth management firms, lenders and other clients manage and evaluate investments.

According to its latest annual report, Envestnet offers its technology and services to over 106,000 advisers and more than 5,100 companies.

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Last year, the firm acquired fintech startup Harvest Savings & Wealth Technologies to enhance its API-based financial wellness ecosystem.

It also purchased financial planning technology solutions from Apprise Labs last year to bolster its client portal experience.

In 2020, the firm teamed up with AdvisorStream and Apprise Labs to roll out an artificial intelligence-driven app that enables ‘deeper adviser-client relationship’.

Envestnet has been caught in takeover speculation after its CEO Judson Bergman expired in a San Francisco car accident in 2019.

In recent years, private equity firms have taken an interest in technology-focused financial services companies as they deliver steady returns and can be turned into consolidation platforms.

Latest in this trend is Madison Dearborn Partners’s $1.8bn deal to buy cross-border money transfer company MoneyGram International.