The acquisition, which is subject to certain post-closing adjustments, will combine the firms’ technology, products and back-office operations to “transform” the way RIAs deliver products and services to their clients, Envestnet said.

Upon completion of the purchase, Tamarac’s chief executive, Stuart DePina, will become group president of Envestnet, a role in which he and his team will continue to focus on integrated solutions for the RIA marketplace, the firms said.

The acquisition is expected to close within the first half of 2012.

“While Tamarac has developed industry-leading software for rebalancing, practice management, performance reporting and CRM integration, we value their market position within the independent RIA segment which is core to Envestnet’s growth initiatives,” said Jud Bergman, chairman, founder and CEO of Envestnet.

Seattle-based Tamarac was established in 2000 by its current president Clive Springer and manages over $250 billion in assets, with approximately 500 RIA-firm relationships.

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

Earlier this month, Envestnet entered into an agreement to acquire Denver, CO-based Prima Capital Holding for a cash sum of $13.75 million, which is expected to close on 15 April but also remains subject to post-closing adjustments.

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