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.
As a Motive Partners portfolio company, “strategic investment in the growth of the business will focus on rapid modernization of Tegra118’s technology platform and development of integrated solutions to deliver seamless, more efficient experiences to clients, and enable them to better serve their investors,” it said.
The Tegra118 brand will “evolve over the coming months, with a more comprehensive reveal” planned for the Money Management Institute Summit March 26-27 in Orlando, Florida, Motive said.
Cheryl Nash, who had been Fiserv Investment Services’ president, will continue to lead the company and has been named CEO and a board member of Tegra118. Rob Heyvaert, founder and managing partner of Motive Partners, will be executive chairman.
“We are partnering closely with the Motive Partners team, and together, have a shared vision and a relentless mindset to create the platform of the future and reimagine the way the world interacts with wealth,” according to Nash.
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