Motive Partners is to acquire up to 60% of the Investment Services business of Fiserv, Inc. (NASDAQ:FISV), a Brookfield, Wisconsin-based global provider of payments and financial services technology solutions.
The transaction, which is subject to customary approvals and closing conditions, is targeted to close in the first quarter of 2020.
Retaining a 40% equity interest in the business, Fiserv will receive approximately $510m in net after-tax proceeds.
Founded in 1979 as Security APL, the Investment Services business is a technology provider for key segments of the wealth and asset management industry. Its integrated platform delivers software solutions for the front, middle and back office serving a blue-chip customer base, including 7 of the top 10 U.S. broker-dealers, and 9 of the top 12 U.S. retail asset managers.
The newly formed joint venture will continue to be led by Cheryl Nash, 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.