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Envestnet (ENV) to Benefit From Its Redi2 Buyout: Here's How
Envestnet, Inc. (ENV - Free Report) yesterday announced its acquisition of revenue management and hosted fee-billing solutions provider, Redi2 Technologies, Inc. Financial terms of the deal have been kept under wraps.
Redi2is a pioneer of the Software-as-a-Service (SaaS) delivery model, an innovator in cloud-based delivery of wealth and investment management billing software. Its platform can be used for fee calculation, payouts and accounting, invoice creation, and billing compliance.
To Strengthen the Financial Wellness Ecosystem
The buyout makes Envestnet one of the leading providers of revenue and billing tools required by advisors, wealth firms, and asset managers.
The addition of Redi2's technology platform is expected to significantly enhance billing, accounting, and back-office capabilities of Envestnet, driving greater client engagement and higher revenues.
According to Tom Sipp, executive vice president of Business Lines for Envestnet, "This acquisition enhances our strategic enablement of service and data, and over the next two years will create operating leverage by bringing Envestnet and Redi2's administrative, revenue, and billing services together."
Envestnet shares have lost 29.7% over the past year compared with 32.7% decline of the Zacks S&P 500 composite and 46.8% fall of the industry it belongs to.
Envestnet, Inc Price
Envestnet, Inc price | Envestnet, Inc Quote
Zacks Rank and Stocks to Consider
Envestnet currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the broader Zacks Business Services sector are Avis Budget Group, Inc. (CAR - Free Report) , Genpact Limited (G - Free Report) and CRA International, Inc. (CRAI - Free Report) .
Avis Budget sports a Zacks Rank #1 at present. CAR has a long-term earnings growth expectation of 19.4%.
Avis Budget delivered a trailing four-quarter earnings surprise of 102%, on average.
Genpact carries a Zacks Rank of 2 at present. G has a long-term earnings growth expectation of 12.3%.
Genpact delivered a trailing four-quarter earnings surprise of 13.3%, on average.
CRA International carries a Zacks Rank #2 (Buy), currently. CRAI has a long-term earnings growth expectation of 14.3%.
CRAI delivered a trailing four-quarter earnings surprise of 35.8%, on average.