Software vendor Envestnet explores sale after receiving takeover interest, sources say
16/04/2024 19:28
By Milana Vinn
NEW YORK, April 16 (Reuters) - Envestnet, a U.S. vendor
of software that helps manage investments, is exploring options
that could include a potential sale after receiving takeover
interest, people familiar with the matter said on Tuesday.
Envestnet, which has a market value of more than $3 billion,
is working with investment bank Morgan Stanley to engage with
potential acquirers, the sources said, cautioning that no deal
is certain.
Last year, Envestnet added three new directors to end a
board challenge from activist investor Impactive Capital that
had been pushing the company to improve its performance by
cutting costs.
Envestnet and Morgan Stanley did not immediately respond to
requests for comment.
(Reporting by Milana Vinn; Editing by Chizu Nomiyama)
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