Envestnet, a fintech company whose
The Chicago-based company has recently been approached by at least one private equity firm interested in acquiring it, said the people, who asked to not be identified because the matter isn’t public. While the company is evaluating the interest, no transaction is imminent, one of the people said.
Envestnet fell 1.2% to $65.24 at 12:30 p.m. in New York on Tuesday, giving the company a market value of about $3.6 billion. The stock has fallen 18% in the past year.
A representative for Envestnet declined to comment.
Private equity firms have been using their war chests to go shopping for technology-focused financial services firms. Buyout firms like these assets because they generate steady cash and can be used as consolidation platforms. Madison Dearborn Partners agreed
Envestnet offers software and data to to wealth managers, banks and other clients that helps them manage and evaluate investments. More than 106,000 advisors and 5,100 companies use its technology and services,
The company has been subject to takeover speculation since CEO Judson Bergman and his wife, Mary Miller, died in a San Francisco car accident in 2019.
