Envestnet, Inc. (NYSE:ENV), a leading provider of unified wealth
management technology and services to financial advisors, and
Yodlee, Inc., the leading cloud-based platform driving digital
financial innovation, today announced that the acquisition,
originally disclosed on August 10, 2015, has been completed.
"We warmly welcome the Yodlee team to the Envestnet family.
Yodlee's pioneering data aggregation solutions greatly strengthen
Envestnet's broadly integrated wealth management platform and solve
a mission critical problem that advisors and their clients are
facing today – efficient client onboarding and comprehensive
planning over all of the client's assets," said Jud Bergman,
Chairman and Chief Executive Officer of Envestnet. "Advisors
seeking solutions that will enable them to serve and add value to
their clients for their lifetime will find the combined
Envestnet-Yodlee offerings to be compelling."
"The entire Yodlee team is excited about this next chapter for
the combined company," said Anil Arora, Chief Executive,
Envestnet|Yodlee. "The combination taps Yodlee's expansive
ecosystem of financial institutions and financial technology
innovators utilizing our industry-leading financial data platform,
APIs, and solutions to drive their continued business success and
to also fuel our new combined company's strength and momentum in
the wealth management space."
The completion of the acquisition follows the receipt of all
necessary regulatory approvals and approval of the transaction by
Yodlee's stockholders, which was obtained at a special meeting of
Yodlee stockholders held on November 19, 2015.
Yodlee stockholders will receive $11.51 in cash and 0.1889 of a
share of Envestnet common stock per Yodlee share. Based upon
the volume weighted average price per share of Envestnet common
stock for the 10 consecutive trading days ending on (and including)
November 17, 2015, the second trading day immediately prior to
completion of the transaction, Yodlee stockholders will receive
consideration with a value of $17.49 per share, representing
fully-diluted equity value of approximately $610 million. As Yodlee
has approximately $72 million in cash and cash equivalents, the
transaction reflects an enterprise value of approximately $538
million.
Envestnet will pay approximately $371 million in cash and issue
approximately 6,084,000 shares of Envestnet common stock in the
transaction. Additionally, there were approximately 1,058,000
shares issued in connection with unvested employee equity awards.
Envestnet is funding the cash portion of the purchase price with
available balance sheet cash and approximately $160 million of bank
borrowings.
Anil Arora, CEO and a director of Yodlee is today joining
Envestnet as Chief Executive Envestnet|Yodlee and the
Envestnet board, as Vice Chairman.
As a result of the completion of the transaction, Yodlee's
common stock will no longer be listed for trading on the Nasdaq
Global Select Market or any other securities exchange and Yodlee's
reporting obligations under Sections 13(a) and 15(d) of the
Securities Exchange Act of 1934 will be suspended.
About Envestnet
Envestnet, Inc. (NYSE:ENV) is a leading provider of unified
wealth management technology and services to investment advisors.
Our open-architecture platforms unify and fortify the wealth
management process, delivering unparalleled flexibility, accuracy,
performance, and value. Envestnet solutions enable the
transformation of wealth management into a transparent,
independent, objective, and fully-aligned standard of care, and
empower advisors to deliver better outcomes.
Envestnet's Advisor Suite® software empowers financial advisors
to better manage client outcomes and strengthen their practices.
Envestnet provides institutional-quality research and advanced
portfolio solutions through our Portfolio Management Consultants
group, Envestnet | PMC®. Envestnet | Tamarac provides leading
rebalancing, reporting, and practice management software.
For more information on Envestnet, please visit
www.envestnet.com and follow @ENVintel
(https://twitter.com/envintel).
Cautionary Statement Regarding Forward-Looking
Statements
The forward-looking statements made in this press release and
its attachments concerning, among other things, Envestnet, Inc.'s
(the "Company") expected financial performance and outlook, its
strategic operational plans and growth strategy are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements involve risks and
uncertainties and the Company's actual results could differ
materially from the results expressed or implied by such
forward-looking statements. Furthermore, reported results should
not be considered as an indication of future performance. The
potential risks, uncertainties and other factors that could cause
actual results to differ from those expressed by the
forward-looking statements in this press release include, but are
not limited to, difficulty in sustaining rapid revenue growth,
which may place significant demands on the Company's
administrative, operational and financial resources, fluctuations
in the Company's revenue, the concentration of nearly all of the
Company's revenues from the delivery of investment solutions and
services to clients in the financial advisory industry, the
Company's reliance on a limited number of clients for a material
portion of its revenue, the renegotiation of fee percentages or
termination of the Company's services by its clients, the Company's
ability to identify potential acquisition candidates, complete
acquisitions and successfully integrate acquired companies, the
impact of market and economic conditions on the Company's revenues,
compliance failures, regulatory actions against the Company, the
failure to protect the Company's intellectual property rights, the
Company's inability to successfully execute the conversion of its
clients' assets from their technology platform to the Company's
technology platform in a timely and accurate manner, general
economic conditions, changes to the Company's previously reported
financial information as a result of political and regulatory
conditions, as well as management's response to these factors. More
information regarding these and other risks, uncertainties and
factors is contained in the Company's filings with the Securities
and Exchange Commission ("SEC") which are available on the SEC's
website at www.sec.gov or the Company's Investor Relations website
at http://ir.envestnet.com/. You are cautioned not to unduly rely
on these forward-looking statements, which speak only as of the
date of this press release. All information in this press release
is as of the date hereof and, unless required by law, the Company
undertakes no obligation to publicly revise any forward-looking
statement to reflect circumstances or events after the date of this
press release or to report the occurrence of unanticipated
events.
CONTACT: Investors:
Investor Relations
Investor.relations@envestnet.com
(312) 827-3940
Public Relations:
Dana Taormina
JCPR
(973) 850-7305
dtaormina@jcprinc.com
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