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Yodlee agreed to sell itself to Envestnet, a provider of financial services for financial advisors, for approximately $660 million----that figure is nearly 2x as Yodlee was valued at its IPO less than a year ago. Envestnet hopes to build up its capabilities as it caters to financial advisors who are not affiliated with a big firm like Morgan Stanley or Bank of America, assisting them in driving creating greater customer lifetime value and relationships. The two parties had been in discussion for quite some time about a commercial partnership, but ultimately decided an acquisition made more sense.
Founded in 1999, Yodlee YDLE 28.65% powers a technology that allows banking institutions and online financial managers to aggregate consumer financial data. It allows consumers to aggregate their credit card statements, bank accounts, and investment portfolio in one website. Its customers include 11 of the 20 largest U.S. banks ranked by assets, according to a recent Wall Street Journal report. Over the past year, it created a smaller unit, Yodlee Interactive, which provides application program interfaces (APIs) to startups in the financial sector, as well as an accelerator program for startups. Yodlee says it has 20 million paid users. The company, which went public on the NASDAQ in October 2014, generated revenues of $98.6 million for year ended June 30, 2015.
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