Envestnet (ENV) Announces Acquisition of Wheelhouse Analytics

October 10, 2016 8:39 AM EDT

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Envestnet, Inc. (NYSE: ENV) announced that it has acquired Wheelhouse Analytics LLC, a technology company that provides data analytics, mobile sales solutions, and online education tools to financial advisors, asset managers and enterprises. Envestnet will deeply integrate Wheelhouse Analytics' tools, delivering robust online dashboards and reporting that provides actionable intelligence.

"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," said Bill Crager, President of Envestnet. "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."

Actionable Intelligence

Envestnet will combine Wheelhouse Analytics' tools with Yodlee's industry-leading data and analytics solutions 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," said Anil Arora, Vice Chairman of Envestnet and Chief Executive of Envestnet | Yodlee. "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."

Since its founding in 2010, Wheelhouse Analytics has created a set of solutions that empower financial services firms with tools to extract key business insights to run their business better and provide timely and focused support to advisors. Wheelhouse Analytics' innovative dashboards deliver segmentation analytics, multi-dimensional benchmarking, and practice pattern analyses that provide mission-critical insights to asset managers, enterprises and advisors.

DOL Compliance and Oversight Solutions

Wheelhouse Analytics' existing offerings provide enterprises with fee and performance benchmarking, supporting fee rationalization and best interest client documentation. Additionally, Envestnet plans to extend Wheelhouse Analytics' Deal Management and Intermediary Oversight platform to deliver a centralized data hub for product manufacturers and wealth management firms to collaborate on dealer fee agreement management and monitor product usage.

"We have built our company with a sharp focus on designing analytics and education tools that provide key business insights and enable our customers to become change agents in running their businesses more profitably while providing key support to investment advisors," said Frank Coates, CEO of Wheelhouse Analytics, who will join Envestnet | Yodlee as Executive Managing Director. "Combining Wheelhouse capabilities with Envestnet's Vantage enterprise data management solution, we can deliver the industry's most comprehensive oversight and surveillance tool to support compliance with the DOL Fiduciary Rule. We also look forward to continuing to invest in enhancing and expanding our current set of solutions."

Terms of the acquisition were not disclosed.

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