By Milana Vinn
(Reuters) – Non-public fairness agency Bain Capital is nearing a deal to amass Envestnet (NYSE:), a U.S. monetary software program vendor with a market worth of about $3.5 billion, folks conversant in the matter stated on Monday.
If the negotiations conclude efficiently, a cope with Bain and may very well be introduced as quickly as this week and would worth Envestnet at near its present inventory value, the sources stated. Envestnet shares are hovering at round $63.
The sources requested anonymity as a result of the matter is confidential. Envestnet and Bain didn’t instantly reply to requests for remark.
Envestnet supplies know-how instruments to monetary advisers and wealth managers. Its shoppers embrace greater than 108,000 advisers, 16 of the highest 20 U.S. banks, and a number of other high wealth administration and brokerage companies, in accordance with its web site.
