The wealth management technology firm Envestnet has made a cash-and-stock acquisition.

Envestnet has acquired Finance Logix, a technology company that provides financial planning and wealth management software services to banks, broker-dealers and RIA firms.

Founded in 1998, Tucson, AZ-headquartered Finance Logix serves 20,000 advisors. Oleg Tishkevich, its president and CEO, will join Envestnet as managing director and chief technology officer of financial planning.

Envestnet said it will integrate Finance Logix’s financial planning application with its investment solutions, portfolio analytics, account servicing and reporting capabilities.

Last month, Matthew McGinness joined Envestnet to lead an initiative aimed at improving clients' practice management strategies - a hot industry topic currently.