Envestnet

Envestnet (NYSE: ENV) provides unified wealth management technology and products to financial advisors and institutions.[2] Their flagship product is an advisory platform that integrates the services and software used by financial advisors in wealth management.[3]

Envestnet Inc.
Envestnet
TypePublic
NYSE: ENV
Russell 2000 Component
IndustryFinancial services
Founded1999 (1999)
FounderJud Bergman (1957–2019)
Bill Crager
HeadquartersChicago, IL, U.S.
Area served
Worldwide
Key people
Bill Crager (Chief Executive Officer)
RevenueUS$ 683.7 million (2017)
AUM$1.2 trillion(2018)[1]
Total assets$1.082 billion (2018)[1]
Number of employees
  • 3,063 (2018)
Websiteenvestnet.com

History

Envestnet was founded by Jud Bergman in 1999, with Bill Crager as co-founder. The company's initial public offering of stock filed on the NYSE and went public on 28 July 2010. It priced at $9; at the bottom of the range of $9–$10. The major underwriters were Morgan Stanley (MS), UBS AG (UBS), and Barclays (BCS). The company raised $63M by selling 7 million shares.[4]

In 2012, Envestnet purchased Tamarac for $54 million.[5]

In August 2015, Envestnet acquired Yodlee, a cloud-based data analytics company that provides account aggregation and various financial software, for $660 million.[6][7] In the same year, Envestnet also acquired online investment platform Upside in February and financial-planning software provider Finance Logix in May.[6] Envestnet stated that their main goal was to drive the acquisitions to provide a full suite of technology offerings for financial advisers.[6]

In November 2017, the company introduced a redesigned Tamarac platform.[8]

Bergman and his wife, 57-year-old Mary Miller, were killed on October 3, 2019, when a 34-year-old woman crashed her Volkswagen into the taxi they were riding on Highway 101 in San Francisco, California. The woman, 34-year-old Emilie Ross, and the taxi driver, 42-year-old Berkant Ramadan Ahmed, were also killed in the crash. Ross was allegedly under the influence of alcohol and driving on the wrong side of the highway.[9][10][11] Crager took over as interim chief executive officer.[12]

In December 2019, Envestnet entered an agreement with JPMorgan Chase to protect Chase's customers' financial data through an API.[13]

In March 2020, Crager was named permanent CEO after serving as the interim CEO since October 2019.[14]

References
  1. "Press Releases". Envestnet, Inc.
  2. "Envestnet Reports First Quarter 2018 Financial Results". www.businesswire.com. May 9, 2018.
  3. Malito, Alessandra. "Envestnet is the industry's 800-pound tech gorilla". www.investmentnews.com. Retrieved 2017-06-16.
  4. "Profile Not Found". Renaissance Capital.
  5. Shidler, Lisa (21 January 2013). "Top 12 Crucial Technology Happenings Affecting RIAs in 2012, Part 2". United States: RIABiz. RIABiz LLC. Retrieved 13 February 2017.
  6. Malito, Alessandra. "Envestnet acquires data-analytics and account-aggregation company Yodlee". www.investmentnews.com. Retrieved 2017-06-16.
  7. "Envestnet buys fin-tech company Yodlee for $590 million".
  8. InvestmentNews. "Envestnet adds easier document storage to Tamarac". www.investmentnews.com. Retrieved 2018-01-12.
  9. "Jud Bergman (1957-2019) | Envestnet". www.envestnet.com.
  10. "4 die after wrong-way crash on San Francisco highway". abc10.com.
  11. "Envestnet CEO Jud Bergman, wife Mary Miller-Bergman killed in car accident". October 4, 2019.
  12. "Envestnet founder and CEO Jud Bergman killed in automobile crash". InvestmentNews. 2019-10-04. Retrieved 2020-09-23.
  13. "JPMorgan Chase, Envestnet l Yodlee Sign Agreement to Increase Customers' Control of Their Data". www.businesswire.com. 2019-12-05. Retrieved 2020-01-06.
  14. "Envestnet names Bill Crager CEO". sjo3ekt.js. Retrieved 2020-05-29.
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