Mayer Brown served as legal counsel to Envestnet, a leading provider of intelligent systems for wealth management and financial wellness, in its acquisition of PIEtech, Inc., the creator of the MoneyGuide family of financial planning applications. As part of the transaction, Envestnet will acquire PIEtech for consideration consisting of $295 million in cash, subject to certain adjustments, and $205 million of Envestnet common stock.

The transaction established Envestnet as a leader in financial planning solutions, a key component of Envestnet’s vision for enabling Financial Wellness, to a large customer base consisting of banks, RIAs and broker-dealers. The transaction is subject to customary closing conditions and is expected to close in mid-2019.

The Mayer Brown team was led by Corporate & Securities partner Edward Best and associate Esther Chang (both Chicago) and included lawyers from the firm’s Corporate & Securities, Intellectual Property, Employment & Benefits, Tax Transactions & Consulting, Litigation & Dispute Resolution and Real Estate practices in Charlotte, Chicago, Houston, New York and Washington DC.