If you missed the news earlier this week, here’s a recap: Personal Capital agreed to be acquired by Empower Retirement, the second-largest retirement services provider in the United States, for up to $1 billion, composed of $825 million on closing and up to $175 million for planned growth.
According to Forbes, the San Francisco-based fintech is selling for the same price as its valuation in February 2019. The deal is expected to close in the second half of this year.
After a bit of time to digest everything, Personal Capital CEO Jay Shah looked at the decision and what it means for the eleven-year-old company. Shah has been at Personal Capital since the company’s launch in 2009 and will now serve as President of Personal Capital and will also sit on the Executive Team at Empower.
Shah explained that, though many companies have expressed interest over the years in acquiring Personal Capital, none of the opportunities felt right. However, because Empower shares many of Personal Capital’s same “visions and values.”
He went on to describe how, in today’s uncertain world, the buy-out “will ensure extra strength and resources to grow Personal Capital, and bring [clients] more of the great technology and service [they’ve] come to expect. He added that combining the two companies will help Personal Capital support and further develop its features and service offerings.
As for what’s next, Shah said that Personal Capital will continue to operate as it always has. And because the company’s leadership team has committed to stay on for the long-term, the company’s culture will stay in-tact. “I recognize that this announcement feels like a major change, but I also want to assure you that your day-to-day experience with Personal Capital will remain the same,” he added.
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Over the past 18 years, Duena has worked with multiple large organizations in particular banks, be it to assist them in their digital strategy or to help them transform. With a background in Psychology as well as Business, Duena is on a crusade to see
Duena delivers different, entertaining, engaging and thought-provoking keynotes internationally and occasionally leads panels and fireside chats on topics ranging from FinTech, Digital, CX and Innovation to the bigger themes of the Future of Work, Technology, Psychological Safety and Agile as they reflect in Employees Engagement and Organizational Psychology and Design and has a strong following of 200k+ subscribers and followers on Twitter and LinkedIn.
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BANKING: MONEY 20/20: https://youtu.be/TzNq5AS4ems
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BANKING: Design and EMOTIONAL BANKING: https://www.youtube.com/watch?v=h8o9yJ3InYU
AGILE AND PEOPLE
Fireside chat about People and Security: https://ytcropper.com/cropped/rR5c0a64d960449
Interview about Emotional Banking:
BBC Interview: https://drive.google.com/file/d/1d9aTwXlKEZbjjXsLwXeGVXg4VgvpqYnX/view?usp=sharingLatest Breaking Banks: Minute 19:50 to 43:23 – https://drive.google.com/file/d/1z6VD0z1g2NXf11gz8Qx8rhwolypXJWl3/view?usp=sharing
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