Envestnet Acquires Wheelhouse Analytics
Technology has allowed industries to collect more data than ever before. But the more businesses learn about consumers in different markets, the more value they want to get out of this information.
This is the impetus behind Envestnet's acquisition of Wheelhouse Analytics, announced earlier this month. Envestnet provides wealth management technology and services to investment advisors, while Wheelhouse provides data analytics and mobile sales solutions. According to a press release, Envestnet plans to "deeply integrate" Wheelhouse's products into its own offerings so that it can better serve its clients.
Envestnet President Bill Crager said that the company serves about 50,000 financial advisors and processes more than 5 million investment accounts, which has led to growing demand for additional insights.
"We are experts in managing data, but more and more of our clients and partners are asking us for key insights," Cragner said in a statement. "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 not the first time that the two companies have worked together. In fact, they have partnered up numerous times since 2014. This helped smooth the process of acquisition.
Sometimes, it is better to purchase a firm that already has the expertise your company needs to solve a problem, rather than try to develop those same services yourself. A mergers and acquisitions firm can help you negotiate a great deal that will put your company on solid footing for the future.