Retirely
0
All posts from Retirely
Retirely in The things you own end up owning you,

Fidelity Investments Paying $250 Million Out Of The Blue For eMoney

Fidelity Investments just randomly decided to buy E-money.com – Although it’s not really that random considering the reach e-money has into the advisory world.

The Boston-based investments giant is [reportedly] paying $250 million for the Conshohocken, Pa.-based planning software technology company. It looks like magnificent a horse trade for Edmond Walters, founder and chief executive of the 270-employee company.

eMoney Advisor was acquired by Cherry Hill, N.J.-based Commerce Bancorp for $32 million in stock in 2006, at which time its revenue was reported to be $10 million. It was sold back to Walters and other investors about when TD Bank bought Commerce Bancorp in 2008 for an undisclosed amount.

This time Fidelity is paying more than $250 million for eMoney, about four times the software firm’s approximately $60-million in revenue, according to the Philadelphia Inquirer. This price is an eye-popper for an RIA business accustomed to smaller deals.

This man, Edmond Walters, is going straight to the bank (nothing new for him anyway)