Envestnet is selling its open finance and data analytics unit Yodlee to private equity firm STG. Financial terms of the deal were not disclosed.
Yodlee was founded in 1999 as an account aggregation specialist, scraping together consumer financial data from thousands of sources for clients, including banks. Wealth management technology provider Envestnet bought Yodlee in 2015 in a cash and stock deal with an enterprise value of around $590 million.
Now it is offloading the business to STG, the PE firm focused on software, data, and analytics providers. STG says it will use its transformation experience to help Yodlee deliver increased value to clients, while the move is also designed to give the firm greater agility.
"This transaction is the first step in our value creation plan as a private company and will allow Envestnet to focus more deeply on its core connected wealth management platform, advanced insights and comprehensive solutions," says Chris Todd, CEO, Envestnet.
The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions.