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ENV

Envestnet

$49.85

-0.45 (-0.89%)

, ACTA

Actua

$12.25

-0.1 (-0.81%)

16:11
09/25/17
09/25
16:11
09/25/17
16:11

Envestnet to acquire FolioDynamix

Envestnet (ENV) announced that it will acquire FolioDynamix, a provider of integrated wealth management technology solutions. FolioDynamix, an Actua (ACTA) company, provides financial institutions, registered investment advisors, and other wealth management clients with an end-to-end technology solution paired with a suite of advisory tools including model portfolios, research, and overlay management services. As of June 30, FolioDynamix platform solutions supported more than 3.2M investor accounts with over $800B in assets. The acquisition will add complementary trading tools as well as commission and brokerage support to Envestnet's existing suite of offerings. Envestnet will acquire FolioDynamix in a cash transaction for $195M, subject to certain closing adjustments. As part of the transaction, Envestnet expects to acquire tax benefits valued at approximately $10M. The transaction will be funded by a combination of cash on Envestnet's balance sheet and borrowings under its revolving credit facility. Envestnet expects the transaction to be modestly accretive to adjusted EBITDA and adjusted net income per share immediately, and to achieve its post-integration financial performance goals, including approximately $20M in identified cost synergies, within 36 months of closing. Cost synergies are expected to result from combining platforms, eliminating redundant functions and spending, and benefiting from increased scale and volume. While Envestnet expects multiple opportunities for cross-selling, these opportunities represent upside and have not been incorporated into the expected financial benefits of this transaction. The transaction is expected to close in Q1 of 2018

ENV

Envestnet

$49.85

-0.45 (-0.89%)

ACTA

Actua

$12.25

-0.1 (-0.81%)

  • 22

    Oct

ENV Envestnet
$49.85

-0.45 (-0.89%)

07/06/17
DADA
07/06/17
INITIATION
Target $42
DADA
Neutral
Envestnet initiated with a Neutral at DA Davidson
DA Davidson analyst Peter Heckmann started Envestnet with a Neutral rating and $42 price target.
08/15/17
UBSW
08/15/17
NO CHANGE
Target $50
UBSW
Buy
Envestnet outlook robust and M&A could provide upside, says UBS
UBS analyst Alex Kramm met wit Envestnet management and came away raising his estimates and price target on the shares. He noted the company provided strong Q2 results and gave good guidance citing a favorable environment. The analyst said compliance with the DOL fiduciary rule should proved a tailwind and sees additional upside through potential M&A. Kramm reiterated his Buy rating and raised his price target to $50 from $41 on Envestnet shares.
ACTA Actua
$12.25

-0.1 (-0.81%)

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