BlackRock and Envestnet are joining forces to integrate with each other’s advisor-facing technologies, the companies say.

The new initiative aims to integrate Envestnet’s open-architecture platform for financial advisors, which offers wealth management and financial wellness tools, with BlackRock’s portfolio-building and customization technology, according to a press release from Envestnet.

“As wealth managers shift to fee-based advisory relationships, they are asking for new technologies to help them scale their business and build better portfolios,” Venu Krishnamurthy, global head of digital wealth for BlackRock, says in the press release. “Through this strategic relationship, we aim to bring BlackRock Digital Wealth’s solutions to Envestnet’s clients in a modern, highly integrated way.”

As part of the new partnership, BlackRock is also taking a 4.9% stake in Envestnet by purchasing 2.38 million shares of its common stock for about $122.8 million, Envestnet says in the release.

Envestnet will also issue a warrant to BlackRock, exercisable for four years, to purchase an additional 470,000 shares of Envestnet common stock, according to the press release. The deal is expected to close before the end of the year, Envestnet says.

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The partnership represents a coming together of two fintech giants. Envestnet’s tools are now used by more than 92,000 advisors and more than 3,500 companies, according to the press release. BlackRock, meanwhile, manages around $6.44 trillion on behalf of investors around the world, Envestnet says.