|3 Months Ended|
Mar. 31, 2021
|Subsequent Events [Abstract]|
|Subsequent Events||Subsequent Events
Acquisition of Harvest
On April 8, 2021, pursuant to an agreement and plan of merger (the “Merger Agreement”), dated as of March 31, 2021, between, among others, Harvest Savings & Wealth Technologies (“Harvest”), a Delaware corporation, and Bounty Merger Sub, Inc, a wholly-owned subsidiary of the Company (“Merger Sub”), the Company completed the merger of Harvest with and into Merger Sub, with Merger Sub continuing as the surviving corporation (the “Harvest Acquisition”) and a wholly owned direct subsidiary of Envestnet. Harvest will be integrated into the Envestnet Wealth Solutions segment.
Harvest provides automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. The acquisition optimizes Envestnet's API-based financial wellness ecosystem, and also helps strengthen the Company's foothold to enable embedded finance, which Envestnet sees as a key driver of the future of financial services.
In connection with the Harvest Acquisition, Envestnet paid approximately $33.6 million in estimated cash consideration, subject to certain post-closing adjustments. Envestnet funded the acquisition with cash on hand.
Due to the lack of available information, the disclosures in relation to ASC 805 are currently not able to be included in this Form 10-Q.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef