Envestnet To Buy Tamarac For $54M

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[Techtaffy Newsdesk]

Envestnet, a provider of integrated wealth management solutions for financial advisors, has entered into a definitive agreement to acquire Tamarac, a provider of portfolio management technology that enables Registered Investment Advisors (RIAs) to deliver customized individual account management to their clients.

Tamarac was founded in 2000 by current President Clive Matthew Springer and is headquartered in Seattle, Washington. The company currently has relationships with approximately 500 RIA firms, collectively managing over $250 billion in assets. Tamarac CEO Stuart DePina will join Envestnet as Group President of Envestnet • Tamarac.

The acquisition is subject to approval by the holders of a majority of Tamarac’s voting securities. Holders of Tamarac’s voting securities, including members of Tamarac’s management, have agreed to vote in favor of approval of the transaction. The transaction is also subject to customary closing conditions, including customer consents, and is expected to be completed by the first half of 2012.