Wealth management software and services provider Envestnet has entered into an agreement to acquire Denver, CO-based Prima Capital Holding for a cash sum of $13.75 million, subject to post-closing adjustments.

The acquisition, which is expected to close on 15 April, will facilitate Envestnet in its research-based solutions for financial advisors, in addition to enhancing its wealth management solutions via Prima’s web-based analytics and data on managed account strategies, mutual funds, exchange-traded funds and alternative investments.

As part of the acquisition, Prima’s president and chief executive, J Gibson Watson – who founded the company in 1999 - will assume the role as group president of Envestnet, the firm said. 

“We are eager to extend Prima’s core offering with Envestnet’s technology, product depth and portfolio management capabilities as well as augment our own due diligence and research offering,” Jud Bergman, chairman, founder and CEO of Envestnet said in a statement.

Envestnet has over $127 billion in total assets with more than 909,000 investor accounts as of 30 September last year.