STG, a private equity firm focusing on software, data, and analytics market players, has acquired Yodlee, Envestnet’s Open Finance and data analytics subsidiary.
The transaction was announced in June and closed following the completion of customary closing conditions. STG acquired Yodlee for its solutions, which are integral to enabling data access and intelligent analytics across the financial system, according to the company.
STG’s global technology portfolio also includes firms such as RSA, Trellix, and SurveyMonkey. The company aims to leverage its experience and suite of services in order to optimise the manner in which Yodlee delivers increased value to clients, attracts and retains top talent, and optimises business performance.
More about the acquisition
Under STG ownership, Yodlee aims to pursue emerging market opportunities, accelerate speed-to-market, and offer improved Open Finance solutions. Leveraging the company’s expertise in the industry, STG’s mission is to drive developments and offer greater value to its clients.
Envestnet mentioned that the transaction strengthens its focus as an Adaptive WealthTech company committed to providing the insights and analytics advisors need to grow in an ever-evolving marketplace. The ongoing collaboration between Envestnet and Yodlee reassures advisors that they will continue to benefit from data aggregation capabilities while the company focuses on advancing its core platform.
The move is projected to enable Yodlee to accelerate its growth process and continue supporting clients under STG's stewardship. The companies are expected to continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Paul Hastings LLP acted as legal advisor, KPMG LLP was the transaction advisor, Jefferies LLC was the lead financial advisor, and RBC Capital Markets served as co-advisor to STG. Ropes & Gray LLP acted as legal advisor, and BofA Securities acted as exclusive financial advisor for Envestnet.
