Plaid and Envestnet | Yodlee Settle Patent Case and Counterclaims

REDWOOD CITY, Calif., Feb. 3, 2017 /PRNewswire/ -- Envestnet | Yodlee (NYSE: ENV) and Plaid Technologies, Inc. ("Plaid") are pleased to announce today that they have resolved the patent case brought by Envestnet | Yodlee in the United States District Court for the District of Delaware, the counterclaims brought by Plaid in the District Court, and the inter partes and Covered Business Method review petitions brought by Plaid before the Patent Office.

As part of the agreement, Plaid will license Envestnet | Yodlee's worldwide patent portfolio, which currently numbers 78 issued patents.

"We are pleased to have reached an amicable outcome. The agreement will provide value to both parties as well as the financial technology ecosystem," said Zach Perret, CEO, Plaid.

"Our patent portfolio is the result of over 17 years of development and innovation, and this important settlement underscores the value of patents which have become a technological cornerstone within our industry," said Anil Arora, CEO, Envestnet | Yodlee.

About Envestnet

Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness. Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value.

Envestnet enables a transparent, independent, objective, and fiduciary standard of care, and empowers enterprises and advisors to more fully understand their clients and deliver better outcomes. Envestnet solutions enhance knowledge of the client, accelerate client on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.

Information provided should not be construed as legal or regulatory advice or guidance. For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel.

About Plaid

Plaid is a technology company headquartered in San Francisco, California. Established in 2012, Plaid builds the software infrastructure that powers the financial technology ecosystem and is focused on democratizing financial services through technology. Plaid's suite of APIs has helped to shape the future of financial services by connecting consumers, their bank accounts, and third-party applications. Thousands of developers and businesses use Plaid to enable core functionalities that benefit tens of millions of people. For more information, visit www.plaid.com.

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SOURCE Envestnet | Yodlee