Motive Partners, a private equity firm keen on financial services tech, announced the completion of its transaction with Fiserv, a payments and financial services tech provider, on Wednesday.
The New York City-based firm paid $510 million, after-tax, for Fiserv’s Investment Services business, now rebranded as Tegra118. Motive Partners owns 60% of the business while Fiserv retains 40%. The two partnered together to scale financial technology businesses and continue to innovate the wealth management space for the end-client.
According to Motive Partners, the name Tegra118 stemmed from the fact that there are 118 chemical elements known on Earth. "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 company said in a statement.
Fiserv's Cheryl Nash heads Tegra118 as CEO, and Rob Heyvaert, the founder and managing partner of Motive Partners, will serve as the executive chairman.