Envestnet said to attract Warburg Pincus, Advent
Illustration: Aïda Amer/Axios
Suitors are swooning for Envestnet (NYSE: ENV), a wealth management fintech that news reports say is attracting private equity interest.
Why it's the BFD: Envestnet is a $4.5 billion publicly traded company, meaning it's one of the few, non-private fintech bidding contests at the moment, reportedly led by two major buyout firms: Warburg Pincus and Advent International.
Catchup quick: Bloomberg reported in February that the company was attracting PE interest. Since then, all had been quiet.
Yes, but: This week, an outfit called Citywire said that Warburg and Advent were still in the bidding picture. Not your top quartile M&A news shop, and the article featured some funky wording about the process.
- Yet investors piled in, sending the stock up nearly 14%
The bottom line: These two buyout firms have the financial firepower to take the company private. Whether the financing markets will cooperate with them is another story.