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Envestnet to acquire Tamarac


Inc, a provider of sophisticated portfolio management technology that enables Registered Investment Advisors (RIAs) to efficiently deliver customised individual account management to their clients.

The two firms, with the combination of their technology solutions, breadth of investment products and back-office operation services, are hoping to transform the way RIAs deliver scalable, integrated solutions to their customers.

"While Tamarac has developed industry-leading software for rebalancing, practice management, performance reporting and CRM integration, we value their market position within the independent RIA segment which is core to Envestnet’s growth initiatives. We are eager to leverage Tamarac’s highly sought-after solutions in combination with our integrated wealth management software and advanced portfolio solutions. We welcome the Tamarac organization and look forward to supporting their clients, people, products and their continued development of proven high-end solutions for RIAs," says Jud Bergman (pictured), Chairman, Founder and Chief Executive Officer of Envestnet. "As more advisors look to outsource to an integrated platform, we are uniquely positioned to meet this need – now and well into the future."

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 USD250 billion in assets.

Tamarac CEO Stuart DePina will join Envestnet as Group President of Envestnet * Tamarac. DePina and his leadership team will continue to focus on integrated solutions for the RIA marketplace. "We are excited to build on the momentum Tamarac has generated with independent RIA’s seeking to streamline their operations through integrated technology and outsourced services. Now that we can leverage Envestnet’s solutions, Tamarac will accelerate many aspects of our strategic initiatives while allowing us to focus on our client’s needs," DePina says. "We believe the combination of Envestnet * Tamarac will transform the way financial advisors support investors with Advisor Xi, one of the most comprehensive suites of technology and investment solutions available in the industry."

Envestnet has agreed to acquire Tamarac for USD54 million in cash, subject to certain post-closing adjustments. 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.

Tamarac did not retain a financial advisor. Sandler O’Neill + Partners, served as financial advisor to Envestnet. McNaul Ebel Nawrot & Helgren acted as legal counsel to Tamarac and Mayer Brown LLP acted as counsel to Envestnet.

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