Envestnet Considers Possible Sale: Report
The wealth management platform has received interest from potential suitors, Reuters reports.
Financial technology company Envestnet is weighing its options, including a possible sale, after receiving acquisition interest, Reuters reported, citing people familiar with the situation.
The wealth management platform based in Berwyn, Pa., has tapped Morgan Stanley to speak with potential suitors, Reuters reported Tuesday. Private equity house Bain Capital, among others, have shown interest in Envestnet, the unidentified sources told the news agency.
Envestnet looked into a sale in 2022 after potential acquirers expressed interest, the sources told Reuters.
“The company doesn’t comment on rumors or speculation in the market,” a spokesperson for Envestnet told ThinkAdvisor by email Wednesday.
Bloomberg, citing unidentified sources, reported in December that Envestnet was considering selling its data aggregation business, Yodlee.
Envestnet announced in January that its CEO, Bill Crager, would step down from that post on March 31 and serve as a senior advisor. Board Chair James L. Fox was to become interim CEO effective April 1.
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