Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet
BySAN FRANCISCO — Last fall, Yodlee, an online hub for consumer financial apps, went public after 15 years as a private company.
Less than a year later, it is selling itself — at a significantly higher valuation.
Yodlee agreed on Monday to sell itself to Envestnet, a provider of software for financial advisers, for about $660 million. That figure is nearly twice as high as Yodlee, based in Redwood City, Calif., was valued in its initial public offering.
The deal is meant to build up Envestnet’s capabilities as it caters to financial advisers who are not affiliated with a big firm like Bank of America Merrill Lynch or Morgan Stanley. Yodlee, which gathers data from the likes of Credit Karma and LearnVest and puts it in one place, is meant to give Envestnet customers a new tool for managing their clients’ money…
Yodlee, a Hub for Financial Apps, Sells Itself to Envestnet
