Envestnet, which has its headquarters in Pennsylvania, offers a range of asset management, data and analytics, and financial planning services. As of right now, it says it serves 48 of the 50 biggest wealth management and brokerage businesses in addition to 17 of the top 20 US banks.

It is estimated that Envestnet, which previously considered selling in 2022, is worth around $3.5 billion. According to people familiar with the negotiations, as reported by Reuters, the acquisition would value the company at around $63, which is now its stock price.

The announcement of the change, which can come as soon as this week, would follow the long-term CEO Bill Crager's resignation from the Pennsylvania-based firm at the end of March.

James Fox, the head of the board, has taken over as acting CEO in the interim while Crager stays on as a senior advisor to the firm while a permanent replacement is being sought.