Wealthtech innovator Envestnet announced earlier this month plans for its tenth acquisition. The Chicago-based company will bolster its existing advisor offerings with the purchase of PIEtech, a deal expected to close mid-year 2019.

PIEtech is the parent company of MoneyGuide, a suite of goals-based financial planning applications for advisors. “Financial planning is a key component of our vision for enabling Financial Wellness,” said Jud Bergman, Chairman and CEO of Envestnet. “With MoneyGuide’s financial planning applications more deeply integrated into Envestnet’s wealth management solutions, enterprises, advisors and their clients can benefit from a frictionless wealth management technology solution across the application stack, driving higher productivity and better client outcomes.”

Envestnet will continue to build on the success of MoneyGuide’s offerings, including MoneyGuideOne, MoneyGuidePro and MoneyGuideElite. These solutions, which serve tens of thousands of financial advisors, are integrated with more than 150 wealth management providers.

Envestnet will leverage the acquisition to complement its Logix and Apprise features to provide advisors and their clients with access to financial planning capabilities. The deal will also enable Envestnet to offer additional domestic and international financial wellness solutions and will boost cross-selling opportunities.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. Late last year, the company entered into a strategic partnership with Blackrock in which Envestnet integrated BlackRock’s Digital Wealth technologies into its platform.

Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $3 billion.

Wealthtech companies Envestnet and BlackRock have entered into a strategic partnership agreement in which Envestnet will integrate BlackRock’s Digital Wealth technologies into its platform. On the financial side of the deal, BlackRock will take a 4.9% equity stake in Envestnet in a stock transaction totaling $123 million.

“Envestnet is uniquely positioned to create the premier financial wellness network. Integrating BlackRock Digital Wealth offerings into the Envestnet platform represents an industry milestone, advancing advisors’ ability to help investors meet their financial goals,” said Bill Crager, president of Envestnet.

BlackRock launched its Digital Wealth services last October to merge its wealthtech offerings. The services iRetire, BlackRock Advisor Center and FutureAdvisor, which BlackRock acquired in 2015, will all be integrated into the Envestnet platform. Venu Krishnamurthy, global head of digital wealth for BlackRock, said that BlackRock will deliver its Digital Wealth solutions to Envestnet in a “modern, highly integrated way.” The new technologies will help advisors “scale their business and build better portfolios,” he added.

In addition to the stock transaction, Envestnet will offer BlackRock the option to purchase 470,000 shares of Envestnet common stock at $65.16 per share for up to four years from the date of issue. The agreement is expected to close before the end of this year.

Envestnet | Yodlee showcased its predictive financial wellness and intelligence solution at FinovateFall 2018. In September, Envestnet unveiled a new developer experience that delivers enhanced data that spans 18,000 global sources, as well as updated tools that aim to speed up the developer experience. Adding to that effort, the company recruited Sebastien Taveau, former chief developer evangelist for Mastercard, as its vice president of Developer Experience.

Envestnet was founded in 1999 and acquired Yodlee in 2015 for $660 million. Envestnet | Yodlee is a public company listed on NYSE under the ticker ENV. It has a market capitalization of $2.52 billion.