Envestnet, a Chicago, Illinois-based unified wealth management solution provider, as per recent reports, has announced to acquire PIEtech, a Powhatan, Virginia-based software-based financial advisory firm, for $500 million. The acquisition deal is expected to close mid-2019.
With this acquisition, the Chicago-based firm will be completing its tenth successful acquisition. Furthermore, the PIEtech acquisition will enable Envestnet to leverage the MoneyGuide solutions, PIEtech’s suite of goals-based financial planning applications for advisors.
“Financial planning is a key component of our vision for enabling Financial Wellness,” states Jud Bergman, chairman, and CEO of Envestnet. “With MoneyGuide’s financial planning applications more deeply integrated into Envestnet’s wealth management solutions, enterprises, advisors and their clients can benefit from a frictionless wealth management technology solution across the application stack, driving higher productivity and better client outcomes.”
Envestnet continuing on the MoneyGuide offerings, which includes MoneyGuideOne, MoneyGuidePro, and MoneyGuideElite, plans to expand its wealth management solutions offering. MoneyGuide’s solution offerings are integrated with over 150 wealth management solution providers.
Leveraging the PIEtech acquisition, the Chicago-based wealth management solution provider plans to complement its Logix and Apprise features to enable financial advisors and their respective clients with financial planning expertise. Furthermore, with this deal which is expected to close by mid-2019, Envestnet plans to offer additional domestic and international financial wellness solutions and further boost cross-selling opportunities to pave way for new revenue streams.
Last year, at the end of 2018, Envestnet | Yodlee entered into a strategic partnership agreement with Blackrock, to integrate BlackRock’s Digital Wealth technologies into its platform.