Combined Firm Offers Powerful Solution to RIAs
Envestnet, Inc. (NYSE: ENV), a leading provider of integrated wealth management solutions for financial advisors, announced that it has entered into an agreement to acquire Tamarac, Inc., a provider of portfolio management technology that enables RIAs to efficiently deliver customized individual account management to their clients. Envestnet has agreed to acquire Tamarac for $54 million in cash, subject to certain post-closing adjustments. The two firms, with the combination of their technology solutions, breadth of investment products and back-office operation services, are poised to transform the way RIAs deliver scalable, integrated solutions.
While Tamarac has developed industry-leading software for rebalancing, practice management, performance reporting and CRM integration, we value their market position within the independent RIA segment which is core to Envestnet’s growth initiatives. We are eager to leverage Tamarac’s highly sought-after solutions in combination with our integrated wealth management software and advanced portfolio solutions. As more advisors look to outsource to an integrated platform, we are uniquely positioned to meet this need–now and well into the future.”
Jud Bergman, Chairman, Founder and CEO of Envestnet.
Tamarac, founded in 2000 by current President Clive Matthew Springer, is headquartered in Seattle. The company currently has relationships with approximately 500 RIA firms , collectively managing over $250 billion in assets.
Tamarac CEO Stuart DePina will join Envestnet as Group President of Envestnet • Tamarac. DePina and his leadership team will continue to focus on integrated solutions for the RIA marketplace.
We are excited to build on the momentum Tamarac has generated with independent RIA’s seeking to streamline their operations through integrated technology and outsourced services. Now that we can leverage Envestnet’s solutions, Tamarac will accelerate many aspects of our strategic initiatives while allowing us to focus on our client’s needs,” DePina said. “We believe the combination of Envestnet • Tamarac will transform the way financial advisors support investors with Advisor Xi, one of the most comprehensive suites of technology and investment solutions available in the industry.”
About Envestnet (NYSE: ENV)
Envestnet, Inc. is a leading provider of integrated wealth management software and services to financial advisors. Envestnet’s Advisor Suite® software empowers advisors to better manage client outcomes and strengthen their practice. Envestnet offers advanced portfolio solutions through its Portfolio Management Consultants group (“PMC”). Envestnet Reporting Solutions gives advisors an in-depth view of clients’ aggregated investments, empowering holistic, personalized advice. Envestnet is headquartered in Chicago with offices in Boston, Charlotte, Denver, New York, Sunnyvale, and Trivandrum, India. The firm has over $127 billion in total assets served and more than 909,000 investor accounts.*
For more information on Envestnet, Inc. please visit www.envestnet.com.
* Data includes assets under management or administration and licensing agreements as of 9/30/2011.
About Tamarac Inc.
Tamarac provides an integrated, web-based suite of portfolio and client management software for independent advisors and wealth managers. Tamarac’s technology offering is further complemented by a range of outsourced portfolio accounting services – enabling advisors to spend more time with clients and growing their business. Tamarac has experienced over 50 percent year-over-year revenue growth for the last four years, which has resulted in a rising client base of over 500 RIA firms, collectively managing more than $250 billion in assets. RIAs utilizing Tamarac’s solution range in size from managing less than $10 million in assets to over $10 billion.
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