VC-Backed Envestnet Files for $100 Million IPO
Envestnet Inc., a Chicago-based provider of online investment solutions and services to financial advisors, has filed for a $100 million IPO. It plans to trade on the NYSE under ticker symbol ENV, with Morgan Stanley, UBS and Barclays Capital serving as co-lead underwriters.
The company reports nearly $78 million in 2009 revenue, down from $92 million in 2008. It also dropped from a $5.2 million net profit in 2008 to an $872k net loss in 2009.
Envestnet has raised over $40 million in VC funding, from GRP Partners (29.14% pre-IPO stake), Foundation Capital (9.45%), Apex Venture Partners (7.2%), Edgewater Funds (7.15%) and Siguler Guff (5.24%). www.envestnet.com
