NEW YORK–The private equity firm Motive Partners said it will acquire up to 60% of the Investment Services business of Fiserv.
Retaining a 40% equity interest in the business, Fiserv will receive approximately $510 million in net after-tax proceeds, according to the companies.
“The Investment Services business is a leading technology provider for key segments of the wealth and asset management industry. Its scalable, integrated platform delivers mission-critical, end-to-end software solutions for the front, middle and back office,” the companies said in announcing the acquisition. “As a provider of a premier platform for the industry, the Investment Services business serves a blue-chip customer base in a market with favorable macro trends and the potential to accelerate growth as a standalone business.”
Going forward, the companies said the business will benefit from the experience and expertise of Fiserv, Motive Partners and Cannae Holdings in growing scaled financial technology businesses.
The newly formed joint venture will continue to be led by Cheryl Nash, president of Investment Services at Fiserv. The transaction, which is subject to customary approvals and closing conditions, is targeted to close in the first quarter of 2020.