Envestnet Acquires Wheelhouse Analytics

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Acquisition Strengthens Envestnet's Analytics Solutions and Extends Reach to New Markets

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Oct 10, 2016, 08:38 ET

CHICAGO, Oct. 10, 2016 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV) announced today that it has acquired Wheelhouse Analytics LLC, a technology company that provides data analytics, mobile sales solutions, and online education tools to financial advisors, asset managers and enterprises. Envestnet will deeply integrate Wheelhouse Analytics' tools, delivering robust online dashboards and reporting that provides actionable intelligence.

"Today Envestnet serves over 50,000 advisors and processes over 5 million investment accounts. We are experts in managing data, but more and more of our clients and partners are asking us for key insights," said Bill Crager, President of Envestnet. "With Wheelhouse, we will provide the compelling and valuable analytics solution that the industry is looking for, particularly as the regulatory environment has shifted with the Department of Labor (DOL) Fiduciary Rule. This is turn-key for us, as we are already integrated with Wheelhouse, having partnered with them since 2014 on a variety of initiatives."

Actionable Intelligence

Envestnet will combine Wheelhouse Analytics' tools with Yodlee's industry-leading data and analytics solutions to strengthen Envestnet's data-driven insights to financial advisors, asset managers and enterprises enabling them to better manage their businesses and client relationships and deliver better outcomes to their clients.

"Wheelhouse Analytics' solutions and the team's expertise on the dynamics of asset managers is the ideal complement to Envestnet | Yodlee's data solutions for wealth managers," said Anil Arora, Vice Chairman of Envestnet and Chief Executive of Envestnet | Yodlee. "This acquisition enhances Envestnet | Yodlee's capabilities with state of the art technology and domain expertise that allows us to revolutionize wealth management by introducing the most comprehensive and innovative set of analytics and contributes to the world-class data analytics capabilities we are building to serve all segments of the Financial Services industry."

Since its founding in 2010, Wheelhouse Analytics has created a set of solutions that empower financial services firms with tools to extract key business insights to run their business better and provide timely and focused support to advisors. Wheelhouse Analytics' innovative dashboards deliver segmentation analytics, multi-dimensional benchmarking, and practice pattern analyses that provide mission-critical insights to asset managers, enterprises and advisors.

DOL Compliance and Oversight Solutions

Wheelhouse Analytics' existing offerings provide enterprises with fee and performance benchmarking, supporting fee rationalization and best interest client documentation. Additionally, Envestnet plans to extend Wheelhouse Analytics' Deal Management and Intermediary Oversight platform to deliver a centralized data hub for product manufacturers and wealth management firms to collaborate on dealer fee agreement management and monitor product usage.

"We have built our company with a sharp focus on designing analytics and education tools that provide key business insights and enable our customers to become change agents in running their businesses more profitably while providing key support to investment advisors," said Frank Coates, CEO of Wheelhouse Analytics, who will join Envestnet | Yodlee as Executive Managing Director. "Combining Wheelhouse capabilities with Envestnet's Vantage enterprise data management solution, we can deliver the industry's most comprehensive oversight and surveillance tool to support compliance with the DOL Fiduciary Rule. We also look forward to continuing to invest in enhancing and expanding our current set of solutions."

Terms of the acquisition were not disclosed.

About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.

Envestnet's Advisor Suite^® software empowers financial advisors to better manage client outcomes and strengthen their practices. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software.

Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital financial services. More than 1,000 companies, including 11 of the 20 largest U.S. banks and hundreds of Internet services companies, subscribe to the Envestnet | Yodlee platform to power personalized financial apps and services for millions of consumers. Envestnet | Yodlee solutions help transform the speed and delivery of financial innovation, improve digital customer experiences, and drive better outcomes for our clients and their customers.

For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel (https://twitter.com/envintel).

Cautionary Statement Regarding Forward-Looking Statements

The forward-looking statements made in this press release concerning, among other things, the benefits to be derived from Envestnet, Inc.'s (the "Company") acquisition of Wheelhouse Analytics LLC and the integration of the acquired company and its products are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company's future results could differ materially from the results implied by such forward-looking statements. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, the possibility that any of the anticipated benefits of the acquisition will not be realized; the risk that integration will be materially delayed or will be more costly or difficult than expected; the challenges of integrating and retaining key employees; diversion of management's attention to integration from ongoing business operations and opportunities; difficulty in sustaining rapid revenue growth, which may place significant demands on the Company's administrative, operational and financial resources, fluctuations in the Company's revenue, the concentration of nearly all of the Company's revenues from the delivery of investment solutions and services to clients in the financial services industry, the impact of market and economic conditions on revenues, the Company's reliance on a limited number of clients for a material portion of its revenue, the renegotiation of fee percentages or termination of the Company's services by its clients, the Company's ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, the impact of market conditions on the Company's ability to issue additional debt and equity to fund acquisitions, compliance failures, regulatory or third-party actions against the Company, the failure to protect the Company's intellectual property rights, the Company's inability to successfully execute the conversion of its clients' assets from their technology platform to the Company's technology platform in a timely and accurate manner, general economic conditions, political and regulatory conditions, the impact of fluctuations in interest rates on the Company's business, ability to expand our relationships with existing customers, grow the number of customers and derive revenue from new offerings such as our data analytic solutions and market research services and premium FinApps, the results of our investments in research and development, our data center and other infrastructure, our ability to realize operating efficiencies, the advantages of our solutions as compared to those of others, our ability to retain and hire necessary employees and appropriately staff our operations, in particular our India operations, and management's response to these factors. More information regarding these and other risks, uncertainties and factors is contained in the Company's filings with the Securities and Exchange Commission ("SEC") which are available on the SEC's website at www.sec.gov or the Company's Investor Relations website at http://ir.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release is as of October 10, 2016 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

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