Envestnet Completes First Phase of Finance Logix Integration.
11 September 2015 - US-based wealth management technology and services provider Envestnet, Inc. (NYSE: ENV) has executed the first stage of integration between its ENV 2 platform and Finance Logix's financial planning software, the company said.
With the move, financial advisors using Envestnet and Finance Logix can leverage the two systems to create more holistic wealth management plans and, ultimately, generate more meaningful engagement with clients.
An automatic authentication process between ENV 2 (Envestnet's next-generation platform) and Finance Logix has already been rolled out in the initial stage of the integration.
Client accounts and financial plans in Finance Logix are subsequently updated with data imported from Envestnet on a nightly basis, enabling daily updates of financial plan scenarios.
The nightly data updates allow advisors and clients to track account and financial plan progressa[euro]"and understand the context of any changesa[euro]"in real time.
In addition, advisors can now use the imported information to build a financial plan in Finance Logix, and then send data from individual client financial plan scenarios to ENV 2, where they can create a proposal without logging out of Finance Logix.
This integration enables advisors to put together more engaging and robust financial plans and proposals for clients in less time.
Envestnet acquired Finance Logix for USD 30.5m in a cash and stock deal, in May 2015. Deeper integrations between ENV 2 and Finance Logix's software are expected to be rolled out before the end of this year.
The firm also completed a strategic investment in AlphaHedge Capital Partners, LLC in April to offer access to long/short equity strategies through separately managed accounts.
In February, Envestnet acquired Upside, a provider of digital advice solutions, and leveraged the benefits of the acquisition by launching the Advisor Now digital advice portal in May.
Envestnet also acquired Placemark Holdings, Inc., a leading developer of unified managed accounts programs, in October, which positioned Envestnet as one of the top five UMA program providers.
Last month, Envestnet announced a definitive agreement to acquire Yodlee, Inc. (NASDAQ: YDLE), a cloud-based platform driving digital financial innovation.
Sector: Banking/Financial Services
Target: Finance Logix
Buyer: Envestnet, Inc.
Deal size in USD: 30.5m
Type: Corporate Acquisition
Financing: Cash and Stock
Buyer advisor: , ,
Comment: Envestnet integrates Finance Logix following acquisition in May