Envestnet has agreed to buy Yodlee, the operator of a personal finance management site.

Envestnet, based in Chicago, will pay $660 million in cash and stock for the Redwood City, Calif., company. The offer consists of $10.78 per share in cash and $8.10 per share in stock. The deal values Yodlee's stock at $18.88 per share.

Envestnet will use cash on its balance sheet to fund the deal, plus its own stock; it has also obtained $200 million in commitments for debt financing. The deal is expected to close by the first quarter.

Envestnet said that it has obtained support for the deal from Warburg Pincus, which holds about 27% of Yodlee's common stock.

Anil Arora, Yodlee's chief executive, will become vice chairman at Envestnet.

Envestnet operates an online wealth management product for financial advisors. In Yodlee's main business of operating a PFM site, it competes with the likes of Mint and BillGuard. Yodlee has developed a side business of selling data to investors and research firms; the data is collected from customers' transactions, which it compiles and organizes.

The deal follows Envestnet's acquisition of financial planning software firm Finance Logix in May. For $30 million -- with $24 million in cash and Envestnet stock worth $6.5 million -- the platform provider acquired the Tuscon, Ariz.-based technology company which develops financial planning and client engagement tools for banks, broker-dealers and RIA firms.

As of May 2015 Envestnet reported $62 billion in assets and 310,000 clients.

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