Founded in 1999, account aggregation specialist Yodlee scrapes together consumer financial data from thousands of sources for more than 850 clients, including many of the biggest US banks.

The Redwood City-headquartered firm, which has nearly 1000 employees, went public last year and generated revenues of $98.6 million in the year to 30 June. In second quarter results announced today, the company posted revenue of $26 million and a GAAP net loss of $2.7 million.

Envestnet says that by adding Yodlee's data aggregation technology to its wealth management platform it will be empower advisors to get better insights into clients' financial well-being.

Bill Crager, president, Envestnet, says: "Financial institutions, advisors and investment managers using the Envestnet platform will be able to provide a more interactive and informative digital advice experience for clients, powered by an expanding array of data mining and predictive analytical tools."

Yodlee CEO Anil Arora, who will continue to lead the unit and become vice chairman of the combined company, adds: "The union of Yodlee and Envestnet will create a company unmatched in its ability to improve and simplify people's financial lives around the world."

The deal is slated to close in the fourth quarter or early next year, with Envestnet paying $18.88 per share - $10.78 in cash and $8.10 in stock - for a fully-diluted equity value of approximately $660 million, a premium of around 50% on Yodlee's closing price on Monday. As Yodlee has $70 million in cash and cash equivalents, the transaction reflects an enterprise value of about $590 million.