Wealth management technology firm Envestnet on Wednesday (July 6) acquired revenue management and global financial services industry fee-billing solution Redi2 Technologies, according to a joint press release.
The Redi2 acquisition helps Envestnet create more connections across its financial wellness ecosystem for asset managers, wealth managers and registered investment advisers (RIAs), the release said.
“Redi2 is a pioneer and innovator in the cloud-based delivery of wealth and investment management billing software, making them an ideal partner as we continue to strengthen our financial wellness ecosystem,” said Tom Sipp, executive vice president of business lines for Envestnet, in the release.
“With Redi2’s solutions, we become the industry-leading provider of revenue and billing tools needed by all industry constituents — including advisers, wealth firms and asset managers,” he said. “This acquisition enhances our strategic enablement of service and data, and over the next two years will create operating leverage by bringing Envestnet and Redi2’s administrative, revenue and billing services together.”
The cloud-based, single sign-on, software-as-a-service (SaaS) Redi2 platform brings together fee calculation, invoice creation, payouts and accounting and billing compliance. It includes Revenue Manager, Wealth Manager and BillFin.
“Over the past two decades, we have created a uniquely powerful and robust SaaS platform to help asset and wealth managers of all sizes tackle their most complex billing requirements and revenue collection workflows within an intelligently designed digital platform,” said Fermin Garcia, president and COO of Redi2 Technologies, in the release.
Related: Wealth Management Service Envestnet Partners With Door
In April, Envestnet teamed up with risk management platform Door to streamline and optimize its research on asset managers and their strategies. The companies said research teams will benefit from due diligence questionnaires that are customized to meet Envestnet’s process.
The collaboration will also offer real-time updates on investment risk, governance and sustainability, as well as diversity, equity and inclusion, among other criteria. In addition, researchers gain access to Door’s content database, which integrates with other research tools.
Last year, Envestnet acquired FinTech startup Harvest Savings & Wealth Technologies for an undisclosed amount. At the time, Envestnet President Stuart DiPina said the deal solidified Envestnet’s place in enabling embedded finance, something the company viewed as “a key driver of the future of financial services.”
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