eMoney Advisor, the Conshohocken "wealth-planning software" maker, has been sold again, by owners including founder Edmond Walters and investor and client Guardian Life Insurance Co. of New York, to Fidelity Investments, the Boston mutual-fund giant.
The buyer and sellers wouldn't comment on the terms of the sale. But Fidelity has agreed to pay a sum north of $250 million, which works out to more than 4 times the company's revenues, according to two people familiar with the terms of the deal. Fidelity statement here.
"They're going to help us accelerate," Walters told me. The firm has 2,300 clients, including big firms like Fidelity, Guardian and LPL. "There are 25,000 registered investment reps and 1 million end users using our software. I'd say we have 20 percent of the One Percent" of richest Americans, Walters added. "We're growing at around 26 percent a year. We're going to hire a lot more Philadelphia people."