Bain Capital to buy financial software vendor Envestnet in $4.5 bln deal

Bain Capital acquires Envestnet for $4.5 billion with backing from BlackRock and Fidelity. Bain offers $63.15 per share. Reuters revealed Envestnet, a financial software vendor in Berwyn, Pennsylvania. CEO Crager transitions in April after Impactive Capital pushed for new directors post a strong first quarter. Explored a sale in 2022. Partners include Franklin Templeton, State Street for custom strategies.