Envestnet Acquires Client Portal Technology Solutions From Apprise Labs

Envestnet Inc ENV announced the acquisition of technology from Apprise Labs. The financial terms of the transaction were not disclosed.

• The deal enables Envestnet to deliver a reimagined client portal experience focused on the client’s financial wellness accomplishment through deeper advisor connections. 
• It also included the acquisition of cash flow planning and advanced estate planning solutions to enhance Envestnet MoneyGuide’s robust financial planning ecosystem.
• MoneyGuide would offer the financial planning technology solutions acquired from Apprise Labs as Wealth Studios, including a detailed cash flow report enabling advisors to engage their wealthy clients under a goals-based approach.
• The offering also comprised advanced estate and legacy planning that addressed ultra-high-net-worth (UHNW) client needs, like trust modeling and inheritance fairness planning.
• Envestnet’s cash and cash equivalents amounted to $384.6 million as of December 31, 2020.
• Price action: ENV shares are trading 0.72% lower at $70.50 on the last check Tuesday.