U.S.-based unified wealth management technology Envestnet plans to buy financial planning software company PIEtech Inc. for $500 million in cash and equity.
With the acquisition, Envestnet will provide integrated financial wellness solutions to other financial intermediaries and also directly to consumers.
Moreso, Envestnet note that the move will support its top-line growth, increase subscription-based recurring revenue, enhance margins, and be accretive to earnings.
As part of the deal, Envestnet will own PIEtech’s MoneyGuideOne and MoneyGuideEite planning software.