Bain Capital reportedly closing in on deal to acquire Envestnet
Bain Capital, a US-based investment firm managing around $185 billion in assets, is reportedly closing in on a deal to acquire financial software provider Envestnet, according to a report by Reuters citing sources familiar with the matter.
Bain Capital is reportedly in talks to buy Envestnet
Headquartered in Pennsylvania, US, Envestnet provides a suite of financial planning, data and analytics, and wealth management solutions. It currently claims to serve 17 of the 20 largest US banks along with 48 of the 50 largest wealth management and brokerage firms.
Envestnet, which previously explored a sale in 2022, is reported to have a market value of approximately $3.5 billion. Reuters reports that sources familiar with the deal believe the potential acquisition would value the firm at close to its current stock price of around $63.
The move, which could be announced as early as this week, coincides with a leadership transition at the Pennsylvania-based company following the departure of long-term CEO Bill Crager at the end of March.
Crager remains with the company as a senior adviser, while the board’s chair, James Fox, has stepped in as interim CEO during the search for a permanent successor.
