Fintech company Envestnet, Inc., which provides wealthmanagement technology and services to financial advisors, hasannounced it will acquire Yodlee for approximately $660 million,marking a significant move in theburgeoning personal financial management market.

The transaction will be Envestnet's eighth acquisition in thelast six years and part of a broader effort to scale up in thedigital financial management market. The deal will combine thenearly 40,000 advisors in the Envestnet network with Yodlee's 20million paid users, according to a release.

Based in Redwood City, Calif., Yodlee provides a cloud-basedplatform that helps financial institutions and other organizationscreate PFM tools that help people see and analyze all of their financial information.More than 850 companies, including 11 of the 20 largest U.S. banks,several credit unions and hundreds of Internet services companies,subscribe to the Yodlee platform, according to the company.