Envestnet is again exploring options for a take-private deal from private equity firms, including Bain Capital, according to Reuters, citing people familiar with the matter.

The company, which has a market cap of approximately $3.5 billion, has retained Morgan Stanley to negotiate with potential suitors.

Berwyn, PA–based Envestnet has recently had leadership changes. Last year, it appointed three new directors to resolve a board conflict with activist investor Impactive Capital, which tried to improve performance by slashing expenses, according to Reuters.

The technology vendor is also moving to new leadership. Bill Crager, co-founder and CEO, said in January that he was leaving on March 31 but would remain a senior advisor. James Fox, the board’s chairman, was named interim CEO.

Envestnet last engaged with potential acquirers in 2022, according to Reuters’ sources.

Envestnet’s clients include over 108,000 financial advisors, 16 of the top 20 U.S. banks, and a number of leading brokerage and wealth management businesses. As of December 31, the company’s platform served 38,697 registered investment advisors and supported 69,973 advisors through subscription services in the fourth quarter of 2023.