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Private-equity firm Bain Capital will buy Envestnet in a $4.5 billion deal, adding to its portfolio a financial software vendor that counts 16 of the 20 biggest U.S. banks among its customers.
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"We view the valuation multiple as being at the lower-end of what we would expect for a leading vertically-focused technology and services company," D.A. Davidson analysts wrote in a note.
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