Motive Partners completed its previously announced purchase of a majority stake in Fiserv’s Investment Services unit and plans a “comprehensive global rebranding” initiative, it said Wednesday.
Motive, a New York-based private equity firm focused on fintech, and Fiserv, a Brookfield, Wisconsin-based provider of payments and financial services technology solutions, said in December that they signed a definitive agreement under which Motive Partners-led investors would acquire up to 60% of Fiserv’s Investment Services business.
Under the deal, Fiserv would receive about $510 million in net after-tax proceeds and retain a 40% equity interest in the business, the companies said.
As part of the rebranding strategy announced by Motive this week, the Fiserv unit is now operating under the new name Tegra118,. The name Tegra118 was designed to be a “bold declaration of the company’s integrated platform, fresh perspective, and forward-thinking approach to delivering client-centric solutions,” according to Motive.
“Like the 118 chemical elements that collectively form the basis of the world, Tegra118’s solutions come together to give clients ultimate control over their platform,” the firm said.