Upside Joins Envestnet

Today we are excited to announce our first acquisition from our portfolio. Upside is being acquired by Envestnet, a near $2B wealth management software company based in Chicago. Upside founders, Tom Kimberly and Juney Ham, will be joining the publicly-held Envestnet team as Senior VPs.

We invested in Upside just 6 months ago based on the team and their clear value proposition to financial advisors. While other market players, including Wealthfront & Betterment, cut out existing financial advisors, Upside partners with them. Advisors can now service an even larger group of potential clients with a low fee, low touch structure.

This partnership just makes sense. The Upside “robo-advising” platform is a clear value-add for any financial advisor and their clients. Envestnet serves over 40,000 financial advisors. They plan to leverage the Upside investment platform to further serve their pool of advisors.

Congrats to Tom, Juney and the entire Upside team!

For the official release, see: Envestnet Acquires Upside

Posted on February 26, 2015 in Companies, Exits

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