Envestnet, the fintech company that develops and distributes wealth management technology and products to financial advisors and institutions, plans to relocate its headquarters from Chicago, where it has been since its founding in 1999, to Berwyn, writes Ian Wenik for Citywire.
The move is part of the company’s shift toward a work environment that is more remote-centric.
“We currently provide maximum flexibility to our workforce with a hybrid approach that offers both remote work and hub office locations,” said an Envestnet spokesperson. “We believe this is the best approach for our employees and offers opportunities for in-person collaboration and innovation. As a cloud-first SaaS company, we have the technology and solutions in place to support our teams and clients in the field and on the go.”
The company already has an office in Berwyn.
Envestnet went public in 2010, but some reports indicate that it could once again become a private company. According to a Barron’s report, the company has hired Piper Sandler to serve as Envestnet’s financial advisor for any potential sale.
Meanwhile, Bloomberg reported that Envestnet has been approached about a takeover by at least one private equity firm. The company is headed by co-founder Bill Crager, who took over after co-founder and longtime CEO Jud Bergman died in 2019.
Read more about Envestnet at Citywire.
