Envestnet to Acquire Prima Capital for $13.75M

Envestnet, Inc.

announced today that it has entered into an agreement to acquire Prima Capital Holding, Inc. a provider of investment manager due diligence, research applications, asset allocation modeling and multi-manager portfolios to the wealth management and retirement industries. Prima's clientele includes regional broker-dealers, trust companies, independent RIAs, family offices and seven of the top 20 banks in the U.S. by total assets. The acquisition of Prima extends Envestnet's ability to deliver an expanded set of premium research-based solutions to financial advisors. Envestnet plans to enhance its wealth management solutions with Prima's objective advice, analytics and data on managed account strategies (UMA and SMA), mutual funds, ETFs and alternative investments, delivered through powerful web-based technology. Envestnet is acquiring Prima for $13.75 million in cash, subject to certain post-closing adjustments. The acquisition is subject to customary closing conditions, including third-party consents, and is expected to be completed by April 15, 2012.