Private equity firm Bain Capital is close to acquiring U.S. financial software vendor Envestnet, valued at approximately $3.5 billion, sources said on Monday. If negotiations succeed, a deal could be announced this week, valuing Envestnet near its current stock price of $63. Envestnet and Bain have not commented on the matter.
Envestnet provides technology tools to over 108,000 financial advisers, 16 of the top 20 U.S. banks, and several top wealth management and brokerage firms. Last year, Envestnet added three directors to resolve a board challenge from activist investor Impactive Capital, which sought performance improvements through cost-cutting.
Currently in a leadership transition, CEO Bill Crager announced in January that he would step down and become a senior adviser in April. Envestnet previously explored a sale in 2022 and was reported to be up for sale again in April.