US: Envestnet buys fin-tech company Yodlee for $590 million

Financial services software company Envestnet announced this week that it has acquired financial data mining and technology company Yodlee in a cash and stock transaction valued at $18.88 per share, or approximately $660 million. After incorporating about $70 million in cash and cash equivalents, the deal is valued at about $590 million.

Founded in 1999, Yodlee 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 to startups in the financial sector, as well as an accelerator program for startups.

Full content: Market Watch

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