Envestnet, a wealth management and financial wellness solution, has acquired FolioDynamix from Actua Corp.
The transaction saw Envestnet spend $195m in cash for all outstanding shares, funding the acquisition through borrowings under its credit facility.
FolioDynamix is an end-to-end solution provider for financial institutions and registered investment advisors. The platform offers a selection of advisory tools that helps advisors create portfolios and overlay management.
Envestnet uses its technology to help enhance advisor productivity and strengthen the wealth management process. The company offers its client base of over 59,000 advisors and 2,900 companies, with solutions for client knowledge, accelerating client on-boarding, improving client digital experiences, and driving better outcomes for enterprises, advisors, and their clients.
This acquisition will enable Envestnet to offer complementary trading tools and commission and brokerage support to its customers.
FolioDynamix chairman and CEO Joseph Mrak said, “By joining forces with Envestnet, our customers will have access to the trading tools and commission and brokerage support that they are accustomed to, as well as Envestnet’s robust and integrated wealth management solutions.”
Last year, digital wealth management solution Evolute has received $6.15m in its Series A funding round. The Zurich-based company helps wealth managers with a solution to cover the entire value chain.
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