Envestnet, Inc. today announced that it has completed the sale of Yodlee, Inc., its open finance and data analytics subsidiary, to STG, a private equity firm focused on fueling innovative software, data, and analytics market leaders.

The transaction was first announced on June 25 and closed following the satisfaction of customary closing conditions.

“Yodlee’s solutions are integral to enabling trusted data access and intelligent analytics across the financial ecosystem,” said Marc Bala, Managing Director at STG. “Under STG’s ownership, it will operate with greater agility to pursue emerging market opportunities, accelerate speed-to-market, and deliver next-generation open finance solutions. Building on its leadership in open finance, we will drive innovation and deliver enhanced value to clients worldwide.”

“Closing this transaction sharpens our focus as the leading Adaptive WealthTech company, committed to delivering the technology, insights, and solutions advisors need to thrive in a changing marketplace,” said Chris Todd, CEO of Envestnet. “Our ongoing partnership with Yodlee ensures advisors will continue to benefit from its market-leading data aggregation capabilities, while we concentrate on advancing Envestnet’s core platform and growth priorities.”

Paul Hastings LLP acted as legal advisor, KPMG LLP acted as transaction advisor, Jefferies LLC acted as lead financial advisor, and RBC Capital Markets served as co-advisor to STG.

Ropes & Gray LLP acted as legal advisor and BofA Securities acted as exclusive financial advisor to Envestnet.