Envestnet Inc. announced Monday that it had completed its $54 million acquisition of Tamarac Inc.
The deal was made public in February.
While unexpected by most industry experts, the acquisition was viewed as one with great potential, especially when it comes to sharing of technology.
Envestnet's wealth management and portfolio expertise should benefit from the technology possessed by Tamarac, long a powerhouse in the market for re-balancing software.
The latter firm also has seen increased sales of its integrated Advisor platform in the last two years.
Combined, the firms offer registered investment advisors a full menu of services and technology offerings, including managed-account services.
“A rapidly growing number of advisers seek a fully integrated platform — one that provides a wide array of investment products and outsources back-office operations,” Jud Bergman, chairman and chief executive of Envestnet, said in a prepared statement.
Tamarac chief executive Stuart DePina will continue with the combined company as a group president with a focus on RIA firms.
Watch INTV go inside the Tamarac deal with Bill Crager: