Envestnet’s acquisition of business intelligence firm Truelytics, announced Wednesday, is a play to expand the wealth management giant’s offerings for small and medium-sized businesses (SMBs).

While details of the deal were not released, it is part of Envestnet’s new focus on linking wealth, banking and technology verticals with an eye toward SMBs, Farouk Ferchichi, global head of Envestnet data and analytics, told Bank Automation News.

“We see Truelytics also extend capabilities to the SMB, to any practice in America,” Ferchichi said. “We’re focused on the wealth side, but because of our multichannel responsibility in the data analytics side of the business, we are looking at twinning that for other practices and serving them throughout banking channel and tech channel relationships.”

Envestnet is currently shifting to a channel-based approach with embedded features, Ferchichi said, adding that it will “take time” to see a return on the company’s new investments.

“We are going from individual capabilities, like Yodlee, conversational AI, etc., into an integrated channel platform view,” Ferchichi said. “You heard us talk about the wealth data platform. We’re going to bring soon the bank data platform.

“What we’re doing is we’re bringing all the pieces together.”

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