Envestnet, Inc. (NYSE: ENV) acquired Wheelhouse Analytics LLC, a tech company that provides data analytics, mobile sales solutions, and online education tools to financial advisors, asset managers and enterprises, according to StreetInsider. Terms of the acquisition were not available.
“Today Envestnet serves over 50,000 advisors and processes over 5 million investment accounts. We are experts in managing data, but more and more of our clients and partners are asking us for key insights,” stated Envestnet President Bill Crager. “With Wheelhouse, we will provide the compelling and valuable analytics solution that the industry is looking for, particularly as the regulatory environment has shifted with the Department of Labor (DOL) Fiduciary Rule. This is turn-key for us, as we are already integrated with Wheelhouse, having partnered with them since 2014 on a variety of initiatives.”
Envestnet will combine Wheelhouse Analytics’ tools with Yodlee’s data and analytics solutions (which Envestnet acquired in 2015) to strengthen Envestnet’s data-driven insights to financial advisors, asset managers and enterprises enabling them to better manage their businesses and client relationships and deliver better outcomes to their clients.
“Wheelhouse Analytics’ solutions and the team’s expertise on the dynamics of asset managers is the ideal complement to Envestnet | Yodlee’s data solutions for wealth managers,” explained Envestnet Vice Chairman and Envestnet | Yodlee CEO Anil Arora. “This acquisition enhances Envestnet | Yodlee’s capabilities with state of the art technology and domain expertise that allows us to revolutionize wealth management by introducing the most comprehensive and innovative set of analytics and contributes to the world-class data analytics capabilities we are building to serve all segments of the Financial Services industry.”