Bain Capital, a private equity firm, has agreed to acquire Envestnet in a transaction valued at $4.5 billion, according to a statement from the financial software provider on Thursday.
Envestnet, headquartered in Berwyn, Pennsylvania, specializes in providing software solutions for wealth managers and data services to financial institutions and investment research firms. The company serves 16 of the top 20 US banks and 48 of the 50 largest wealth management and brokerage firms.
Earlier this week, Reuters exclusively reported that the two companies were nearing an agreement.
