US-based private equity firms Clearlake Capital and Motive Partners have completed their previously announced acquisition of wealthtech platform BETA+ from the London Stock Exchange Group (LSEG).

The $1.1bn deal, which covers BETA+ assets such as BETA Post-trade Processing, Maxit, and Digital Investor, was first announced by the firms in March this year.

BETA+, which is now renamed as BetaNXT, will be led by Motive co-founder Stephen Daffron as chairman and CEO. He will be supported by Caroline O’Connell as chief administrative officer, and Don Henderson as chief technology officer.

Additionally, Tim Rutka has been named as president of BETA, and Michael Pass as president of Maxit and Digital Investor.

Commenting on the development, Clearlake partner and managing director James Pade and co-founder and managing partner Behdad Eghbali said: “We are excited to back the BetaNXT leadership team to scale the business and build a differentiated platform in the wealth management industry.

“We look forward to executing on a buy-and-build growth strategy to continue to scale BetaNXT’s existing offerings and enter new high-growth markets.”

Daffron said that his team will focus on delivering for customers by executing on the core platform technology roadmap and investing in product functionality enhancements that improve customers’ experience with the firm.

As part of the transaction, Clearlake and Motive Partners have entered into a long-term strategic partnership with LSEG. As part of this LSEG will work closely with BetaNXT and the Sponsors’ wealth management portfolio companies and offer them content, data, and tools.

Rutka said: “We are excited to have Clearlake and Motive supporting us, as they bring with them a wealth of industry knowledge and experience to help us deliver new products and efficiencies for our clients.”

In February, the group struck a deal to buy TORA, a cloud-based trading technology solutions firm, in a $325m deal.

It followed the group’s agreement to acquire Quantile Group in December 2021.