Envestnet has announced the sale of its open finance and data analytics division, Yodlee, to private equity firm STG. The financial details of the transaction remain undisclosed.
Established in 1999, Yodlee initially specialized in account aggregation, collecting consumer financial data from thousands of sources for various clients, including banks. Envestnet acquired Yodlee in 2015 through a combination of cash and stock, valuing the deal at approximately $590 million.
With this latest move, Envestnet aims to streamline its operations by transferring Yodlee to STG, a private equity firm with a focus on software, data, and analytics. STG has indicated that it will leverage its transformation expertise to enhance Yodlee’s service offerings, aiming to increase value for clients and improve the company’s agility.
Chris Todd, CEO of Envestnet, stated, “This transaction marks the initial phase of our value creation strategy as a private entity, allowing us to concentrate more on our core connected wealth management platform, advanced insights, and comprehensive solutions.”
The completion of this transaction is anticipated in the third quarter of 2025, pending standard closing conditions.