Key Developments: Envestnet Inc (ENV)
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18 Jun 2013
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$24.94
$25.08
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$24.04
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Latest Key Developments (Source: Significant Developments)
Envestnet Inc Raises FY 2013 Revenue Guidance; Issues FY 2013 EBITDA Guidance In Line With Analysts' Estimates-Conference Call
Envestnet Inc announced that with business as strong as it has been, and assuming the backdrop of favorable capital markets remains, the Company now expect fiscal 2013 revenue to be at least 30% higher than in fiscal 2012, and adjusted EBITDA to be at least 50% higher than last year, before any impact from Prudential's WMS acquisition. The Company reported revenue of $158.51 million and EBITDA of $23.99 million in fiscal 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $201.72 million and EBITDA of $38.42 million for fiscal 2013. Full Article
Envestnet Inc Agrees To Buy Prudential Financial, Inc.'s Prudential WMS-DJ
Dow Jones reported that Envestnet Inc agreed to purchase Prudential Investment LLC's Wealth Management Solutions division, bolstering the size of its wealth-management services and clients. Prudential WMS, a part of Prudential Financial, Inc., administered about $22 billion on behalf of institutional clients as of December 31 and has more than 30 years of experience helping financial services firms develop their wealth-management offerings. Envestnet agreed to acquire substantially all the assets of Prudential WMS for $10 million in cash upon closing, and consideration of up to a total of $23 million in cash over three years. The deal is expected to close by early in the third quarter, though the consolidation may take a year or longer from closing. Full Article
Envestnet Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Envestnet Inc announced that for fiscal 2013, it expects topline growth to be at least 25%. The Company reported revenue of $159 million in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $200 million for fiscal 2013. Full Article
Envestnet Inc Issues Q1 2013 Revenue Guidance Above Analysts' Estimates-Conference Call
Envestnet Inc announced that it expects adjusted revenues for the first quarter of 2013 to increase between 41% and 42% year-over-year. The Company reported revenue of $32.64 million for the first quarter of 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $45.86 million for the first quarter of 2013. Full Article
Envestnet Inc Announces Strategic Alliance With Salentica Inc
Envestnet Inc announced a strategic alliance with Salentica Inc., for wealth managers, to help advisors oversee their clients' accounts more efficiently. Under the terms of this strategic alliance, Salentica Advisor Desk, a comprehensive CRM solution designed exclusively to help wealth management firms address their complex client management needs, will integrate with Envestnet | Tamarac's Advisor Rebalancing solution. At the financial account level, Advisors will be able to respond immediately to cash requests and other client inquiries using the integrated Tamarac Advisor Rebalancing functionality directly from Salentica Advisor Desk. Advisors can also adjust their clients' Advisor Rebalancing model portfolios and account settings and access other advanced rebalancing features from within the CRM platform. Full Article
Envestnet Inc Issues Q4 2012 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Envestnet Inc announced that it expects adjusted revenues for the fourth quarter of 2012 to increase between 43% and 45% year-over-year. The Company reported revenue of $30.54 million in the fourth quarter of 2011. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $43.94 million for fourth quarter of 2012. Full Article
Achaean Financial Announces Strategic Partnership With Envestnet Inc
Achaean Financial a financial services firm announced a strategic partnership with Envestnet Inc. Through this strategic partnership, Achaean's retirement-advice software tool, Retirement Outcome, will be integrated into Envestnet's wealth management platform. While they can be used together, the full integration is scheduled for November 2012. Envestnet's clients will have access to Achaean's Retirement Outcome retirement-advice system, to assist in creating outcome-based proposals and reports for investors. Advisors can analyze a client's income needs before and during retirement using Retirement Outcome, which will then be incorporated into a proposal on the Envestnet platform, where advisors can select appropriate investment solutions in order to achieve the investor's goals. Full Article
Envestnet Inc Completes Acquisition Of Tamarac Inc.
Envestnet Inc announced the completion of its acquisition of Tamarac Inc., a provider of sophisticated portfolio management technology that enables Registered Investment Advisers (RIAs) to efficiently deliver customized individual account management to their clients. Full Article
Envestnet Inc Completes Acquisition of Prima Capital
Envestnet Inc announced that it has completed its acquisition of Prima Capital Holding, Inc., a provider of investment manager due diligence, research applications, asset allocation modeling and multi manager portfolios to the wealth management and retirement industries. Prima’s clientele include seven of the top 20 banks in the U.S. by total assets, regional broker dealers, trust companies and accounting firms. Full Article
Envestnet Inc To Acquire Tamarac, Inc.
Envestnet Inc announced that it has entered into a definitive agreement to acquire Tamarac, Inc., a provider of sophisticated portfolio management technology that enables Registered Investment Advisors (RIAs) to efficiently deliver customized individual account management to their clients. 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 to their customers. Envestnet has agreed to acquire Tamarac for $54 million in cash. The transaction is expected to be completed by the first half of 2012. Full Article
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