Envestnet has had a busy first half of 2022 in terms of acquisitions, technology launches, integrations and internal digitization efforts, which have resulted in a 10% increase in total revenue.

The Berwyn, Pa.-based wealth management company’s total revenue reached $318.9 million in Q2, up from 288.7 million in Q2 2021, according to its Q2 earnings supplement.

Envestnet continues its modernization and automation efforts, which “range across the business, from our data services, portfolio accounting, trading and billing as well as in our service organization,” said co-founder and Chief Executive Bill Crager on Thursday’s earnings call.

These automation efforts allow the company to scale without increasing operating costs; Crager anticipates these savings and efforts will likely be demonstrated in Q4.

In July, Envestnet closed on the acquisition of cloud-based revenue management and billing software company Redi2 Technologies, Crager said. The acquisition brings Envestnet accounting and billing services, multi-party billing and payouts and advisory billing and invoicing services, according to a Redi2 release.

This acquisition follows Envestnet’s May acquisition of business intelligence firm Truelytics, which expands Envestnet’s offerings to small and medium-sized businesses.

Looking ahead to Q3, the company “will begin to introduce our comprehensive Wealth Data Platform (WDP) to our clients,” Crager said.

The WDP “brings together our data connectivity, open banking, aggregation, enrichment and artificial intelligence into a modern digital analytic rich experience,” he said, noting that advisors’ desire for data to better understand their customers continues to grow, as evidenced by the company’s recent studies.

In fact, at the end of Q2, Envestnet was publishing more than 17 million consumer engagement insights per day, up from 11 million during the same reporting period last year, and saw a 70% increase in usage of those clients who have adopted the insights, Crager said.

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