Fiserv finalizes sale of majority stake in Investment Services Business to Motive Partners
Fiserv received approximately $510 million in net after-tax proceeds from the transaction.
Provider of financial services technology solutions Fiserv, Inc. (NASDAQ:FISV) today announced the completion of the sale of a 60% stake in the Investment Services Business to Motive Partners.
Fiserv received approximately $510 million in net after-tax proceeds and retained a 40% equity interest in the business.
The deal was first announced in December 2019. Under the agreement, Motive Partners-led investors, including Cannae Holdings, would acquire up to 60% of the Investment Services Business of Fiserv.
The Investment Services business is a leading technology provider for key segments of the wealth and asset management industry. Its scalable, integrated platform delivers mission-critical, end-to-end software solutions for the front, middle and back office.
The business is set to benefit from the experience and expertise of Fiserv, Motive Partners and Cannae Holdings in growing scaled financial technology businesses. It will remain committed to delivering market-leading wealth management capabilities through innovative, adviser-centric technology solutions.
Back in December, Fiserv explained that the newly formed joint venture will be led by Cheryl Nash, President of Investment Services at Fiserv. Upon the closing of the transaction, Rob Heyvaert, Founder and Managing Partner of Motive Partners, will serve as Executive Chairman of the joint venture. William P. Foley II, Executive Chairman of Cannae Holdings, Dun & Bradstreet and Black Knight and Alvi Abuaf, lead Industry Partner for Motive Partners, will also join the Board.
