Finance Logix, the financial planning software provider, was acquired by Envestnet for $30m. Expect to see many of the 20-50m acquisition of FinTech start-ups as is a fast way to scale-up your business.
Envestnet on Wednesday acquired Finance Logix, a financial planning software provider — marking yet another indicator of the industry's turn toward goals-based financial planning.Finance Logix's software will be integrated into Envestnet's platform, allowing advisers to access financial planning as well as investment strategies for clients. Envestnet paid $24 million in cash and $6.5 million in stock for Finance Logix, according to the company's latest 8-K filing with the Securities and Exchange Commission. The stock component equals a total of 123,410 shares of Envestnet common stock