![]() MoneyGuidePro has been integrated with Envestnet’s Tamarac platform since October 2016.īob Curtis, founder and co-chief executive of PIEtech said in a statement: ‘We are believers in Envestnet’s vision for enabling financial wellness, and look forward to engaging with our customers with an increasingly broad set of solutions to provide lasting value to financial advisors and their clients.' PIEtech, which is was founded in 1997 and is based in Powhatan, Virginia created the MoneyGuide application suite, which has been used to create two million financial plans over the past year. The acquisition also adds another subscription-based service to boost Envestnet's revenue, as 96% of MoneyGuide’s revenue is both subscription-based and recurring.īergman said he expects to see revenue growth in mid-to-high teens going forward from an expected revenue base greater than $50 million following the acquisition. In a conference call following the firm's statement, Jud Bergman, chief executive of Envestnet, said that today, MoneyGuide is the number one used financial planning software among the Tamarac user base, which is made up of large RIAs with $500 million or more in assets under management. The deal is set to close in mid-2019 and is subject to customary closing conditions.Īn announcement from Envestnet said the firm will benefit from the acquisition by complementing its existing capabilities with client engagement platform Logix and Apprise Labs, a start-up focused on building software to address estate planning, lifetime cash flow and client retirement needs. MoneyGuidePro is a financial planning software uses clients' data to create a comprehensive financial plan, as well as client asset allocation, goal performance and financial statements. ![]() The total value is equal to roughly $500 million, based on the closing price of Envestnet’s common stock of $64.56 per share on March 13. Envestnet is set to acquire PIEtech, the creator of MoneyGuide solutions, which includes MoneyGuidePro, MoneyGuideOne and MoneyGuideElite for $500 million.Įnvestnet is to acquire PIEtech for $295 million in cash and approximately 3.185 million shares of Envestnet common stock. ![]()
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