RIA technology company Envestnet is reportedly in talks to sell itself to private equity firm Bain Capital, according to a report from Reuters.
Reuters, citing sources with knowledge of the situation, reported that the deal could be announced this week and values Envestnet near its current stock price. Shares of Envestnet closed on the New York Stock Exchange Monday at $63.25, virtually flat for the day.
Envestnet specializes in developing portfolio management and trading software for RIAs and also runs a large investment outsourcing business. The company also owns the MoneyGuidePro suite of financial planning software.