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Envestnet Inc to acquire Placemark Investments Inc

Tuesday, 1 Jul 2014 08:30am EDT 

Envestnet Inc:Enters into definitive agreement to acquire Placemark Holdings, Inc., a firm that develops Unified Managed Account (UMA) programs and other portfolio management outsourcing solutions for banks, full-service broker-dealers and RIA firms.Envestnet has agreed to acquire Placemark for $66 mln in cash upon closing.Transaction is subject to customary closing conditions, including customer consents, and is expected to close during the second half of 2014.Raymond James & Associates served as financial advisor to Placemark Investments, Inc. Envestnet did not retain a financial advisor.Mayer Brown LLP acted as legal counsel to Envestnet and Goodwin Procter LLP acted as counsel to Placemark Investments, Inc. 

Company Quote

-1.58 -3.47%
2:14pm EDT