Benzinga | Apr 8, 2021 10:46AM EDT

Envestnet Acquires Harvest Savings & Wealth Technologies For Undisclosed Sum

* Envestnet Inc (NYSE: ENV) has acquired fintech innovator Harvest Savings & Wealth Technologies. The financial terms of the transaction were not disclosed.

* Harvest provided automated goals-based saving tools and wealth solutions to banks, credit unions, trust companies, and other financial institutions. Its capabilities included automated micro-savings and digital account opening.

* Harvest's automated micro-saving technology delivered data to the bank or firm for the timely movement of the customer from a savings solution to the right wealth offering.

* This acquisition will improve Envestnet's API-based financial wellness ecosystem and enable its embedded finance pursuit, stated President Stuart DePina.

* It will enable banks and credit unions to catch up with the ongoing fintech disruption, commented Envestnet Strategic Development Head Dani Fava.

* Envestnet held $384.6 million in cash and equivalents as of Dec. 31, 2020.

* Price action: ENV shares are trading 0.51% higher $74.41 on the last check Thursday.