Envestnet said Thursday that it will sell its data analytics unit Yodlee to STG, a private equity firm, for an undisclosed price. The transaction should close in the third quarter of 2025, subject to customary closing conditions.
"This transaction is the first step in our value creation plan as a private company and will allow Envestnet to focus more deeply on its core connected wealth management platform," Envestnet CEO Chris Todd said in a statement. "Through our continued partnership with Yodlee, advisors will retain access to Yodlee data aggregation technology that helps power their business."
The news comes nearly a year after Envestnet entered into an agreement to be bought by Bain Capital in a transaction valuing the company at $4.5 billion — $3.5 billion in equity and $1.0 billion in debt.
As part of that transaction, BlackRock, Fidelity Investments, Franklin Templeton, State Street Global Advisors and Reverence Capital took minority stakes in the formerly public company.
For its part, STG — formerly known as Symphony Technology Group — was founded in 2002 and had about $12 billion in assets under management as of March 31. Its portfolio includes RSA, Trellix and SurveyMonkey.
"Yodlee sits at the intersection of trusted data access and intelligent analytics," said Marc Bala, managing director at STG. "We are excited to partner with the team to accelerate their investment in product innovation, customer success, and long-term growth. We welcome Yodlee to the STG family."
Envestnet serves RIAs and other clients and has roughly $6.5 trillion in platform assets.
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