Envestnet, an independent provider of technology-enabled Web-based investment solutions to financial advisors, filed on Friday with the SEC to raise up to $100 million in an initial public offering. The Chicago, IL-based company, which was founded in 2004 and booked $78 million in sales last year, plans to list on the NYSE under the symbol ENV. Envestnet derives its revenues from asset-based fees (73% of 2009 sales), contractual licensing fees for access to its open architecture technology platform (24%), as well as professional services (3%). Morgan Stanley, UBS Investment Bank and Barclays Capital are the lead underwriters on the deal, for which pricing terms and timing were not disclosed. Envestnet is 29% owned by GRP Partners and one of six venture-backed companies to file for an IPO so far this month.
