Bain Capital, a prominent private equity firm, is reportedly nearing a deal to acquire Envestnet, a financial software vendor with a market value of approximately $3.5 billion. According to sources close to the situation, the transaction could be announced within the week, valuing Envestnet close to its current stock price of $63 per share. Both Bain Capital and Envestnet have yet to comment on the matter. Envestnet, which provides technology solutions to financial advisers and wealth managers, serves over 108,000 advisers and collaborates with 16 of the top 20 U.S. banks. This potential acquisition comes amidst a leadership transition at Envestnet, with CEO Bill Crager stepping down in April to become a senior adviser. Envestnet has previously fielded acquisition interest, having explored a sale in 2022.

Private Equity, Financial Software, Wealth Management,United States