Envestnet introduced in the present day that it has acquired Redi2 Applied sciences, Inc. (Redi2), a number one supplier of income administration and hosted fee-billing options within the world monetary companies trade.
The deal creates extra connections throughout the Envestnet monetary wellness ecosystem for asset managers, wealth managers, and registered funding advisors (RIAs).
“Redi2 is a pioneer and innovator within the cloud-based supply of wealth and funding administration billing software program, making them a perfect associate as we proceed to strengthen our monetary wellness ecosystem,” mentioned Tom Sipp, Govt Vice President of Enterprise Strains for Envestnet. “With Redi2’s options, we develop into the trade main supplier of income and billing instruments wanted by all trade constituents—together with advisors, wealth corporations, and asset managers. This acquisition enhances our strategic enablement of service and knowledge, and over the following two years will create working leverage by bringing Envestnet and Redi2’s administrative, income, and billing companies collectively.”
Redi2’s platform permits payment calculation, bill creation, payouts and accounting, and billing compliance. Its cloud-based, single-sign-on product portfolio contains:
- Income Supervisor: Offers shopper income accounting and billing companies for asset managers, for which contracts usually have excessive ranges of institutional-grade complexity round payment buildings, invoicing guidelines, and accounting integrations.
- Wealth Supervisor: Delivers multi-party billing and payouts for broker-dealers and turnkey asset administration packages (TAMPs), which regularly require charges to be calculated for multi-entity provide chains.
- BillFin™: Presents advisory billing and invoicing, together with fee-splitting and versatile billing setup functionalities, for monetary advisors akin to RIAs, wealth managers, and monetary planners.
“Over the previous twenty years, now we have created a uniquely highly effective and sturdy SaaS platform to assist asset and wealth managers of all sizes deal with their most complicated billing necessities and income assortment workflows inside an intelligently designed digital platform,” mentioned Fermin Garcia, President and COO of Redi2 Applied sciences, Inc. “We’re tremendously enthusiastic about changing into a part of the Envestnet ecosystem, and becoming a member of forces with their expertise, expertise platform, and capabilities, to supply asset and wealth managers with larger energy to monetize their billing and fee volumes for the good thing about their corporations and their purchasers.”
“The final two years have accelerated an growing demand for digitization. We’re constantly evaluating alternatives to boost our monetary wellness ecosystem,” mentioned Wealthy Aneser, Chief Technique Officer at Envestnet. “This newest acquisition reinforces our technique to construct out our ecosystem with expertise, options, and knowledge that additional our trade management, and create scale and working leverage for our enterprise.”
“We’re thrilled to develop into a part of Envestnet and assist serve their broad shopper and prospect base via our best-in-class billing and income administration options,” mentioned Seth Johnson, Chairman and CEO of Redi2 Applied sciences, Inc. “Whether or not you might be an asset supervisor, a TAMP, a broker-dealer, a wealth division of a financial institution, or an RIA, Envestnet now gives billing options that are purpose-built for every group’s particular wants.”
Phrases of the acquisition weren’t disclosed. Key Banc Capital Markets acted as monetary advisor to Redi2, and Nutter McClennen & Fish LLP acted as authorized counsel to Redi2. Mayer Brown LLP acted as authorized counsel to Envestnet.