SEI Acquires LifeYield to Enhance Tax-Smart Technology Solutions
Deal News | Dec 11, 2024 | SEI Investments Management Cor
SEI Investments Management Corporation has announced the acquisition of LifeYield, a Boston-based provider of tax-smart technology solutions. This acquisition positions SEI to offer real-time, automated unified managed household (UMH) capabilities, integrating LifeYield's industry-leading technology through its comprehensive SEI Wealth Platform. The acquisition aims to enhance SEI's suite of tax management solutions by incorporating LifeYield's technology for asset location, tax-loss harvesting, and multi-account portfolio management. The integration is part of SEI's broader strategy to cater to evolving investor demands, particularly for tax-efficient investing and personalized financial management. LifeYield's modular technology has already been adopted by leading financial institutions in a SaaS model, and this acquisition is expected to expand its availability to a wider audience. The transaction, which is not financially significant to SEI's operations, follows a 2022 strategic partnership between the two firms.
Sectors
- Financial Technology
- Wealth Management
- Investment Management
Geography
- United States – LifeYield is based in Boston, and SEI is headquartered in Oaks, Pennsylvania; both companies operate within the U.S. market.
Industry
- Financial Technology – LifeYield is a provider of tax-smart technology solutions, which places this acquisition within the Financial Technology industry.
- Wealth Management – SEI Investment Management aims to provide enhanced wealth management services through the acquisition, focusing on tax optimization and personalized financial planning.
- Investment Management – The integration of LifeYield's technology into SEI's platform targets investment processing and management, reflecting both companies' focus on investment management.
Financials
- – The article mentions that the acquisition is not a significant acquisition of assets or material to SEI's financial results, but no specific financial figure is provided.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SEI Investments Management Corporation | Bidding Company | Company | A provider of technology and investment solutions, SEI focuses on integrating financial management capabilities. |
| LifeYield | Target company | Company | A Boston-based company specializing in tax-smart technology for financial advisors and institutions. |
| J. Womack | Chief Product Officer | Person | An executive at SEI who commented on the strategic aims of the acquisition. |
| Mark Hoffman | CEO | Person | Chief Executive Officer of LifeYield, who expressed enthusiasm about the partnership with SEI. |
| Arthur Worthington | Senior Business Development Director | Person | A director at SEI who discussed the competitive advantage the acquisition affords. |
| Nutter, McClennen & Fish LLP | Legal Advisor | Company | Acted as sole legal advisor to LifeYield for the acquisition. |
| PJT Partners | Financial Advisor | Company | Provided financial advisory services to LifeYield for the acquisition. |
| Holland & Knight | Legal Advisor | Company | Acted as sole legal advisor to SEI for the acquisition. |
| Cerulli Associates | Source | Company | Provider of financial data and reports referenced in the announcement. |