US-based fintech firm Fiserv has concluded the sale of a 60% stake in its Investment Services business to private equity firm Motive Partners.
The deal was announced in December last year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Fiserv continues to hold a 40% equity stake in the Investment Services business. The firm secured nearly $510m in net after-tax proceeds for the transaction.
The Investment Services business has now been rebranded as Tegra118 and will remain under the leadership of Cheryl Nash, the business president under Fiserv.
Nash will serve as the CEO of Tegra118 and also sit on its board.
Motive Partners founder and managing partner Rob Heyvaert will become the executive chairman of the business.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHeyvaert said: “With Cheryl’s leadership, our talented teams will come together to catalyse the innovation process, bringing new solutions to the market for our clients and the industry.
“Our new identity reflects the fresh perspective we bring to wealth technology, the intuitive simplicity of the solutions we deliver, and our bold personality.”
The Tegra118 board will include three Motive Partners and two other Fiserv executives.
Motive Partners industry partner Alvi Abuaf, who is now part of the Tegra118 board, said: “Motive Partners will provide the innovation and investment required to modernise the existing technology.”
The Investment Services business offers end-to-end software solutions for front, middle and back-office operations in order to serve wealth and asset managers.
