ENVESTNET, INC.
envestnet.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q3 FY2024 10-Q, filed Nov 8, 2024. Its latest SEC filing is a 15-12G from Dec 5, 2024.
10-Q for Q3 FY2024, filed Nov 8, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Provides wealth management software and services for financial advisors and institutions, plus financial data, analytics and digital experiences for financial institutions and technology firms.
10-K for FY2023, filed Feb 28, 2024Envestnet Wealth Solutions – a leading provider of comprehensive and unified wealth management software, services and solutions to empower…View ↗
Envestnet Wealth Solutions empowers financial advisors at broker-dealers, banks and RIAs with all the tools they require to deliver…View ↗
Envestnet Data & Analytics is a leading data aggregation, analytics and digital experiences platform. Envestnet Data & Analytics provides…View ↗
Open Banking provides personal financial management, wealth management, payments, credit/lending, business financial management and…View ↗
How Did They Make Money?
Financial firms and advisors pay for ongoing access to wealth platforms through fees based on assets managed or administered, or fixed and usage-based subscriptions. They also pay for customized work and platform development, billed over the work or across the contract term.
10-K for FY2023, filed Feb 28, 2024Asset-Based Recurring Revenue—Asset-based recurring revenue primarily consist of fees for providing customers continuous access to platform…View ↗
The asset-based fees the Company earns are generally based upon variable percentages of assets managed or administered on its platforms.…View ↗
The pricing generally resets each quarter and the pricing structure is consistent throughout the term of the contract. The variable fees…View ↗
Subscription-Based Recurring Revenue—Subscription-based recurring revenue primarily consist of fees for providing customers continuous…View ↗
The usage-based pricing generally resets each quarter and the pricing structure is generally consistent throughout the term of the…View ↗
Professional Services and Other Revenue—The Company earns professional services fees by providing contractual customized services and…View ↗
$1.2B
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10-K for FY2023, filed Feb 29, 2024
$1.2B ↗
Who Were Their Customers?
Wealth management platforms and services are sold to financial advisors and institutions, including banks, broker-dealers and registered investment advisers. Data and analytics tools are sold to financial institutions, financial technology firms, advisory firms and research companies; clients use them to serve account holders and other end users.
10-K for FY2023, filed Feb 28, 2024Envestnet Wealth Solutions empowers financial advisors at broker-dealers, banks and RIAs with all the tools they require to deliver…View ↗
Envestnet Data & Analytics is a leading data aggregation, analytics and digital experiences platform. Envestnet Data & Analytics provides…View ↗
Over 1,300 clients, including financial institutions, financial technology innovators and financial advisory firms, including 16 of the 20…View ↗
Open Banking provides personal financial management, wealth management, payments, credit/lending, business financial management and…View ↗
10-K for FY2023, filed Feb 28, 2024
Revenue associated with Fidelity, substantially all of which is included within the Envestnet Wealth Solutions segment, accounted for…View ↗
Did Revenues Turn Into Profits?
Not on paper. It lost $238.7M in FY2023, but brought in more cash than it spent: $135.9M of free cash flow.
10-K for FY2023, filed Feb 29, 2024
−$204.5MView ↗
10-K for FY2023, filed Feb 29, 2024
−$238.7MView ↗
10-K for FY2023, filed Feb 29, 2024
$135.9MView ↗
How Were They Changing?
- Net income
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Sources
10-Q for Q3 FY2024, filed Nov 9, 2024
−$1.7MView ↗
- ▼ Now a loss
- vs $7.1M in Q3 FY2023
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Nov 25, 2024
Bain Capital completed its acquisition of Envestnet
Envestnet became privately held and its common stock was no longer publicly listed on the New York Stock Exchange.
Sources
8-K, filed Nov 25, 2024
BAIN CAPITAL COMPLETES ACQUISITION OF ENVESTNETView ↗
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Jul 11, 2024
Envestnet agreed to be acquired by Bain Capital
The agreement set a cash payment of $63.15 per share and provided for Envestnet to become privately held after closing.
Sources
8-K, filed Jul 11, 2024
Upon the terms and subject to the conditions set forth in the Merger Agreement, upon the effective time of the Merger (the “Effective…View ↗
Grew. Revenue grew 38% in 4 years, from $900.1M in FY2019 to $1.2B in FY2023, about 8% a year.
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