Envestnet Completes Acquisition of Placemark Investments
October 01 2014 - 07:57AM
Business Wire
Acquisition Puts Envestnet Among Top 5
Providers of UMA Programs
Envestnet, Inc. (NYSE:ENV), a
leading provider of unified wealth management technology and
services to investment advisors and wealth managers, announced
today that it has completed the acquisition of Placemark Holdings,
Inc., a leading developer of Unified Managed Accounts (UMA)
programs for banks, full-service broker-dealers and RIA firms.
“Placemark’s portfolio overlay and tax optimization technologies
will be designed into Envestnet | PMC’s product offerings as we
integrate our two companies,” said Jud Bergman, Chairman and Chief
Executive Officer, Envestnet. “As advisors increasingly adopt UMA
implementations for their clients’ portfolio strategies, Envestnet
will be there to support them with the industry’s leading UMA
technology and platform.”
The acquisition will give Placemark’s clients immediate access
to Envestnet’s full suite of wealth management services including
advisor-driven portfolio management, rebalancing and aggregated
reporting solutions.
“With the acquisition completed, our focus will now be on
serving the current and future wealth management needs of
Placemark’s customers: full-service broker-dealers, banks and
individual RIAs,” said Bill Crager, President, Envestnet.
Envestnet acquired Placemark Holdings, Inc. for $66 million in
cash upon closing. Placemark had $15.6 billion in UMA assets under
management as of June 30, 2014. Lee Chertavian, CEO of Placemark,
is joining Envestnet as Group President of Envestnet |
Placemark.
“With the benefit of Envestnet’s breadth of capabilities, we
look forward to providing our customers with solutions they have
been seeking on an accelerated schedule,” said Mr. Chertavian. “We
are united with our Envestnet colleagues in our firm commitment to
delivering the best solutions and service to our customers.”
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified
wealth management technology and services to investment advisors.
Our open-architecture platforms unify and fortify the wealth
management process, delivering unparalleled flexibility, accuracy,
performance and value. Envestnet solutions enable the
transformation of wealth management into a transparent,
independent, objective and fully-aligned standard of care, and
empower advisors to deliver better results.
Envestnet’s Advisor Suite® software empowers financial advisors
to better manage client outcomes and strengthen their practice.
Envestnet provides institutional-quality research and advanced
portfolio solutions through our Portfolio Management Consultants
group, Envestnet | PMC®. Envestnet | Tamarac provides leading
rebalancing, reporting and practice management software.
For more information on Envestnet, please visit
www.envestnet.com and follow @ENVintel.
Cautionary Statement Regarding Forward-Looking
Statements
The forward-looking statements made in this press release
concerning, among other things, Envestnet, Inc.’s (the “Company”)
expected financial performance and outlook, its strategic
operational plans and growth strategy are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve risks and uncertainties and the
Company’s actual results could differ materially from the results
expressed or implied by such forward-looking statements.
Furthermore, reported results should not be considered as an
indication of future performance. The potential risks,
uncertainties and other factors that could cause actual results to
differ from those expressed by the forward-looking statements in
this press release. For example, the Company’s forward-looking
statements related to Placemark could prove incorrect if Placemark
were to perform differently than currently expected by the Company
or if anticipated benefits of the transaction are not realized.
More generally, potential risks, uncertainties and other factors
relating to the Company’s business include, but are not limited to,
difficulty in sustaining rapid revenue growth, which may place
significant demands on the Company’s administrative, operational
and financial resources, fluctuations in the Company’s revenue, the
concentration of nearly all of the Company’s revenues from the
delivery of investment solutions and services to clients in the
financial advisory industry, the Company’s reliance on a limited
number of clients for a material portion of its revenue, the
renegotiation of fee percentages or termination of the Company’s
services by its clients, the impact of market and economic
conditions on the Company’s revenues, compliance failures,
regulatory actions against the Company, the failure to protect the
Company’s intellectual property rights, the Company’s inability to
successfully execute the conversion of its clients’ assets from
their technology platform to the Company’s technology platform in a
timely and accurate manner, general economic, political and
regulatory conditions, as well as management’s response to these
factors. More information regarding these and other risks,
uncertainties and factors is contained in the Company’s filings
with the Securities and Exchange Commission (“SEC”) which are
available on the SEC’s website at www.sec.gov or the Company’s
Investor Relations website at http://ir.envestnet.com/. You are
cautioned not to unduly rely on these forward-looking statements,
which speak only as of the date of this press release. All
information in this press release is as of October 1, 2014 and,
unless required by law, the Company undertakes no obligation to
publicly revise any forward-looking statement to reflect
circumstances or events after the date of this press release or to
report the occurrence of unanticipated events.
Investors:Envestnet, Inc.Investor Relations,
312-827-3940investor.relations@envestnet.comorMedia:JCPRLaura
Simpson, 973-850-7319lsimpson@jcprinc.com
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