Advisor-focused technology companies have found a buyer's market in the wealth management industry, with Envestnet the latest to announce the acquisition of a software developer.

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

In its most recent filing with the SEC, Envestnet reported $62 billion in assets and 310,000 clients.

"Advisors we serve have been requesting a tightly-integrated platform where financial planning flows seamlessly into investment planning and ongoing management on a single platform," said Jud Bergman, chairman and CEO of Envestnet, in a statement. "This acquisition allows us to deliver that capability and increase the breadth of our platform and the functionality gap between our platform and competing platforms."

Envestnet is the latest big firm to strike a deal for either a financial software developer or platform. The move amounts to another major firm buying proven technology, rather than developing it in-house. In February, Fidelity announced a deal to acquire popular eMoney Advisor, and Northwestern Mutual said its March acquisition of LearnVest was to gain its technology.

Established firms are under pressure to compete with digital-first firms, who already have made inroads targeting the millennial investor expecting sophisticated platforms.

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