Envestnet Inc. announced today that it has agreed to buy the Wealth Management Solutions (WMS) division of Prudential Investments.

Envestnet will pay $10 million in cash, plus contingent consideration of up to a total of $23 million in cash, over the next three years, according to the firm.    

The transaction is expected to close by early third quarter 2013 and is subject to customary closing conditions, including customer consents.

Prudential WMS administered about $22 billion on behalf of institutional clients as of December 2012. Envestnet expects to have $139 billion in turnkey asset management platform assets once the deal closes.

Envestnet is a provider of wealth management technology and services to financial advisors. After including assets from WMS, Envestnet says they will be the largest independent wealth management platform.