TRY FOR FREE

Breaking News: First Big API Company Exit, Envestnet to Acquire Yodlee for $590 Million

Envestnet, Inc., a leading provider of unified wealth management technology and services to financial advisors, and Yodlee, Inc., a provider of personal-finance apps to 11 of the country’s top 20 banks by assets, announced that the boards of directors of both companies have unanimously approved a definitive agreement under which Envestnet will acquire all of the shares of Yodlee in a cash and stock transaction valued at $18.88 per share, or approximately $660 million, on a fully-diluted equity value basis. After incorporating cash and cash equivalents of $70 million, the transaction reflects a value of about $590 million. The deal is expected to close in the fourth quarter of 2015 or first quarter of 2016.

Yodlee’s shares rose to $17.50 in early after-hours trading, up ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED