Envestnet, Inc. He announced today that it has completed the sale of Yodlee, Inc., its subsidiary of open funding and data analysis, to STG, a private shares company focusing on the supply of innovative software, data and detailed leaders.
The transaction was announced for the first time on June 25 and closed after the satisfaction of the usual closing conditions.
“Yodlee’s solutions are integral to activate reliable data and intelligent analyzes throughout the economic ecosystem,” said Marc Bala, StG’s chief executive. “Under the property of STG, it will work with greater flexibility to continue emerging market opportunities, accelerate market speed and deliver next generation open funding solutions.
“The closure of this transaction sharpens our focus as the leading adaptive company Wealthtech, which is committed to delivering technology, ideas and solutions advisers to thrive on a changing market,” said Chris Todd, Managing Director of Envestnet. “Our ongoing partnership with Yodlee ensures that consultants continue to benefit from the top data aggregation capabilities, while focusing on promoting the basic platform and development of Envestnet.”
Paul Hastings LLP acted as a legal adviser, KPMG LLP acted as a trading consultant, Jefferies LLC acted as head of financial adviser and RBC Capital Markets served as a co-consultant of StG.
Ropes & Gray LLP acted as a legal adviser and the Bofa titles acted as an exclusive ENVESTNNE financial adviser.