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New York-based private equity firm Motive Partners, entered into a definitive agreement with Brookfield, Wis.-based Fiserv under which Motive Partners-led investors will acquire up to 60% of Fiserv's Investment Services business.
Retaining a 40% equity interest in the business, the fintech powerhouse Fiserv will receive approximately $510 million in net after-tax proceeds.
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The Investment Services business is a leading technology provider for key segments of the wealth and asset management industry. According to the official announcement, its scalable, integrated platform delivers mission-critical, end-to-end software solutions for the front, middle and back office. "Going forward, the business will benefit from the experience and expertise of Fiserv, Motive Partners and Cannae Holdings in growing scaled financial technology businesses and will remain committed to delivering market-leading wealth management capabilities through innovative, adviser-centric technology solutions," the announcement stated.
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.
The newly formed joint venture leadership team includes Cheryl Nash, continuing as president of Investment Services at Fiserv. Upon the closing of the transaction, Rob Heyvaert, founder and managing partner of Motive Partners, will serve as Executive Chairman of the joint venture. William P. Foley II, executive chairman of Cannae Holdings, Dun & Bradstreet and Black Knight and Alvi Abuaf, lead industry partner for Motive Partners, will also join the Board.
Jeffery Yabuki, chairman/CEO of Fiserv said. "The new joint venture will increase our collective focus on growth and value, while creating more opportunities for clients, associates and shareholders." Said Heyvaert, "The Investment Services business has demonstrated its ability to deliver a compelling solution for its wealth and asset management clients and I am confident that our team at Motive Partners will add significant value through innovation, insights and an expanded network. We are excited to work with the leadership team and key clients to create new solutions for this growing market segment."
Foley also commented, "It is our belief that with positive industry tailwinds and the opportunity presented by wealth-technology innovation, we can continue to deliver superior solutions for our partners around the world. We look forward to delivering on our client-centric strategy and growth ambitions."
The press announcement indicated as the Investment Services business of Fiserv positions itself as a standalone wealth technology leader, it will partner with Motive's Industry Partners and technologists to capitalize on the client-centric value creation strategy Motive has developed.
"As the wealth management market continues to grow, so too does our opportunity," Nash said. "To position ourselves best, it is essential to continue to innovate, and Motive Partners' expertise and focus on value creation will help enable an exciting next chapter for our business and our clients."
The transaction's targeted closing is the first quarter of 2020.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
