Hot off the wires this morning (and perhaps coincidentally timed with this week’s T3 conference?), Envestnet announced it will buy Tamarac, Inc., the Seattle-based provider of integrated wealth management software for RIAs, for $54 million in cash.
Click here to view the press release on TheStreet.com
In a statement, Tamarac CEO Stuart DePina said, “We are excited to build on the momentum Tamarac has generated with independent RIA’s seeking to streamline their operations through integrated technology and outsourced services. Now that we can leverage Envestnet’s solutions, Tamarac will accelerate many aspects of our strategic initiatives while allowing us to focus on our client’s needs.”
I’m attending the T3 conference today through Saturday, and have some time blocked off to interview Brandon Rembe, CTO of Tamarac this Friday. I’ll be sure to ask what this means for Tamarac’s clients and post the video shortly thereafter (so you might want to subscribe to the FPPad YouTube channel while you’re there).
