Envestnet files for $100M IPO

Mar 26, 2010 @ 12:17 pm

By Associated Press

Envestnet, a Chicago company that provides Web-based services for financial advisers, filed for an initial public offering of stock worth up to $100 million Friday.

The company intends to list on the New York Stock Exchange under the symbol "ENV." It didn't say when or at what price it intends to sell shares.

Envestnet's services are used by about 8,400 financial advisers for about 175,000 investor accounts, it said in its filing with the Securities and Exchange Commission. Last year, with revenues of $77.9 million, it lost $872,000.

Its largest client is FMR Corp., the parent of Fidelity Investments, which accounted for 31 percent of revenue last year.

Envestnet Inc. was founded in 1999 and has more than 400 employees.

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