Motive Partners has also rebranded the acquired business as Tegra118
Private equity firm Motive Partners has completed the previously announced acquisition of majority stake in Fiserv Investment Services business for nearly $510m in net after-tax proceedings.
As per the deal, which was announced last December, Motive Partners will now hold 60% of stake in the business. The remaining 40% stake will be held by Fiserv.
Motive Partners rebrands the acquired business as Tegra118
Motive Partners has also rebranded Fiserv Investment Services business as Tegra118. The rebranding is part of a comprehensive rebranding effort by Motive Partners. According to the company, the new brand reflects its integrated platform, a fresh perspective and forward-thinking approach in delivering client-centric solutions.
Cheryl Nash has been named as Tegra118 CEO and board member. Motive Partners Founder and managing partner Rob Heyvaert will serve as the new company’s executive chairman. Tegra118’s other board member appointees include three Motive Partners and two Fiserv leaders.
Cheryl Nash said: “This is an incredibly exciting time for us. 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.
“Motive Partners has a collaborative and ambitious spirit woven into their DNA. Our Tegra118 brand captures that spirit and demonstrates our deep commitment to our clients and our focus on their success.”
Tegra118, as a Motive Partners portfolio company, will see investment in the growth of the business that will focus on rapid modernisation of its technology platform and development of integrated solutions.
Heyvaert said: “We are thrilled to formally begin our partnership with Fiserv and the Tegra118 team as we capitalize collectively on industry tailwinds and the opportunities presented by technology innovation.
“Our new identity reflects the fresh perspective we bring to wealth technology, the intuitive simplicity of the solutions we deliver, and our bold personality. It is the beginning of a new era in our sector.”