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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Envestnet (NYSE: ENV) provides financial advisors with a broad range of technology platforms and services. These web-based solutions allow small to mid-sized advisory firms to offer their clients separate and unified account systems that look professional. In addition, the company sells a broad range of tools that, among other things, help to evaluate risk, allocate assets, and rebalance their accounts.[1]
Envestnet's revenues mostly come from fees as a percentage of assets under management of the advisory firm. Because of the financial crisis the company's fee base fell causing its revenues to fall correspondingly.[2] In addition, Envestnet has consistenly invested approximately $4.5B in developing its technology platform in 2007, 2008, 2009. These investments have lowered net income, but are expected to provide the company with increased capabilities in the future.[3]
The company's 2009 revenue was $77.9M which was a 15% decrease from the $81.5M revenue from 2008. Net Income also fell by -117% in 2009 from $5.3M in 2008 to -$.9M in 2009. However, as the financial services industry continues to rebound from the crisis, Envestnet expects its revenues, particularly the fees indexed on total assets, will rise. [4]
The company's initial public offering of stock filed on the NYSE and went public on the 28th of July 2010. It priced at $9; at the bottom of the range of $9-$10. The major underwriters are Morgan Stanley (MS), UBS AG (UBS), and Barclays (BCS). The company raised $63M by selling 7M shares [5]
References
- ↑ ENV S-1A 2010 "Prospectus Summary" pg 1
- ↑ ENV S-1A 2010 "Our Company" pg 2
- ↑ ENV S-1A 2010 "Our Growth Strategy" pg 5
- ↑ ENV S-1A 2010 "Summary of Consolidated Financial Information" pg 10
- ↑ [hhttp://www.renaissancecapital.com/Envestnet/ipo-ENV.html Renaissance Capital - IPO "Envestnet (ENV)"]
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