Envestnet finalises acquisition of FolioDynamix for $195m
Wealth management intelligence solutions company Envestnet has finalised its acquisition of Actua Corp’s FolioDynamix, a wealthtech solutions company, writes Julie Muhn at Finovate (Banking Technology‘s sister company).
The deal, which was first announced in September of last year, was closed for $195 million. The acquisition is expected to add complementary trading tools and brokerage business support to Envestnet’s existing suite of offerings.
Jud Bergman, Envestnet chairman and CEO says the acquisition is “the next important step in developing a financial wellness network”.
The deal brings FolioDynamix clients access to Envestnet’s trading tools and commission and brokerage support, as well as integrated wealth management solutions. “We are excited to see where this collaboration takes us and the wealth management industry as a whole,” comments Joseph Mrak, chairman and CEO of FolioDynamix.
Founded in 1999, Envestnet |Yodlee won Best of Show for its demo of Financial Health Check at FinovateFall 2017. The new offering leverages consumer data to measure and score their financial health and offers personalised recommendations and tools to help them improve their well-being.
In November last year, it teamed up with Token to support PSD2 compliant payments in line with open banking regulations.