Envestnet says advisors want a 'tightly integrated platform.'

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.”

“During the second quarter, Envestnet onboarded $46 billion in new assets from conversions, reflecting strong demand for our unified offerings from large institutions and registered investment advisors. We believe Envestnet remains well-positioned to deliver meaningful organic growth and to accelerate that growth through strategic activity, such as our merger with Yodlee, announced today,” Bergman explained.

Yodlee, which runs the Yodlee MoneyCenter website for investors, works with some 20 million paid users and 850 financial institutions and financial technology firms. It has a network of over 14,000 data sources and 975 employees worldwide. Its  revenues were $98.6 million for the 12 months ended June 30.

“The core of every financial transaction and every financial decision is data. Financial institutions, advisors and investment managers using the Envestnet platform will be able to provide a more interactive and informative digital advice experience for clients, powered by an expanding array of data mining and predictive analytical tools,” said Bill Crager, president of Envestnet, in a press release.

 “Yodlee has taken the lead in building out a digital ecosystem with leading financial institutions and financial technology innovators for consumers and small-to medium-sized businesses and Envestnet has done the same for advisors,” said Anil Arora, president and CEO of Yodlee, in a statement.