Investing.com – Private equity titan Bain Capital is reportedly on the cusp of finalizing an acquisition deal for Envestnet Inc (NYSE:), a leading US-based financial software provider. The company’s market value currently stands at approximately $3.5 billion, individuals privy to the matter told Reuters on Monday.
The successful culmination of these discussions could see Bain Capital announcing the acquisition as early as this week. It’s anticipated that the deal will value Envestnet near its current share price, which is currently floating around $63.
The sources, who wished to remain unidentified due to the sensitive nature of the negotiations, were unable to provide further details. Both Envestnet and Bain Capital have yet to make any official comments on the matter.
Envestnet has carved a niche for itself by offering cutting-edge technology tools to financial advisors and wealth managers. The company boasts a clientele of over 108,000 advisors, 16 of the top 20 US banks, as well as several leading wealth management and brokerage firms, as per information available on its website.
