NEW YORK, Feb. 19, 2020 /PRNewswire/ -- Motive
Partners, a specialist private equity firm focused on
technology-enabled business and financial services companies, today
announced the closing of its previously announced transaction with
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments
and financial services technology solutions, under which Motive
Partners has acquired a majority interest in the Investment
Services business of Fiserv. Fiserv retained a 40% equity interest
in the business.
Effective immediately, Investment Services, a former business
unit of Fiserv, will operate under its new
name Tegra118 as part of a comprehensive global
rebranding effort. Tegra118 is a bold declaration of the company's
integrated platform, fresh perspective, and forward-thinking
approach to delivering client-centric solutions. 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.
Cheryl Nash will continue to lead
the company and has been named Chief Executive Officer and board
member of Tegra118. Rob Heyvaert,
Founder and Managing Partner of Motive Partners will serve as
Executive Chairman. Other Tegra118 board member appointees include
three Motive Partners and two Fiserv leaders: Alvi Abuaf and Richard
Lumb, Industry Partners at Motive Partners, Scott Kauffman, Founding Partner at Motive
Partners, Jim Cox, Executive Vice
President at Fiserv, and Guy
Chiarello, Chief Administrative Officer at Fiserv.
Michael Froehlich, Industry Partner
at Motive Partners, will also join the Tegra118 team to lead the
firm's transformation.
"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.
With Cheryl's leadership, our talented teams will come together to
catalyze the innovation process, bringing new solutions to the
market for our clients and the industry," said Rob Heyvaert. "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."
"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," said
Cheryl Nash. "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."
The acquisition brings together Fiserv's industry-leading
technology and decades of expertise with Motive Partner's agile and
collaborative way of working, commitment to innovation, and broad
industry perspective. As a Motive Partners portfolio company,
strategic investment in the growth of the business will focus on
rapid modernization of Tegra118's technology platform and
development of integrated solutions to deliver seamless, more
efficient experiences to clients, and enable them to better serve
their investors.
"Motive Partners will provide the innovation and investment
required to modernize the existing technology,"
said Alvi Abuaf, "We
will work collaboratively with our clients to build new solutions
that place their needs at the center of everything we do, while
continuing to deliver industry-leading technology designed to
provide secure, stable, mission critical solutions that grow with
our clients."
The Tegra118 brand will evolve over the coming months, with a
more comprehensive reveal at the Money Management Institute (MMI)
Summit in March.
About Motive Partners
Motive Partners is a specialist
private equity firm with offices in New
York City and London,
focusing on technology-enabled business and financial services
companies serving four core customer segments: banking &
payments, capital markets, asset management and insurance. Motive
Partners brings differentiated expertise, connectivity and
capabilities to create long-term value in financial technology
companies.
More information on Motive Partners can be found at
www.motivepartners.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to
move money and information in a way that moves the world. As a
global leader in payments and financial technology, the company
helps clients achieve best-in-class results through a commitment to
innovation and excellence in areas including account processing and
digital banking solutions; card issuer processing and network
services; payments; e-commerce; merchant acquiring and processing;
and the Clover® cloud-based point-of-sale solution. Fiserv is a
member of the S&P 500® Index and the FORTUNE® 500, and is among
FORTUNE World's Most Admired Companies®. Visit fiserv.com and
follow on social media for more information and the latest company
news.
Forward Looking Statements
This news release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the expected timing and benefits of the transaction.
Statements can generally be identified as forward-looking because
they include words such as "believes," "anticipates," "expects,"
"could," "should," or words of similar meaning. Forward-looking
statements are subject to assumptions, risks and uncertainties that
may cause actual results to differ materially from those
contemplated by such forward-looking statements. The factors that
may adversely impact the anticipated outcomes include, among
others: the occurrence of any event, change or other circumstance
that could give rise to the termination of the transaction
agreement; conditions to the completion of the transaction may not
be satisfied on the terms expected or on the anticipated timeline;
the benefits of the transaction may be different than currently
anticipated; and other factors included in "Risk Factors" in
Fiserv's quarterly report on Form 10-Q for the quarter ended
September 30, 2019 and in other
documents that Fiserv files with the SEC, which are available at
www.sec.gov. You should consider these factors carefully in
evaluating forward-looking statements and are cautioned not to
place undue reliance on such statements. Fiserv and Motive Partners
assume no obligation to update any forward-looking statements,
which speak only as of the date of this news release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/motive-partners-acquires-majority-interest-of-fiserv-investment-services-business-unveils-rebrand-and-growth-vision-301007828.html
SOURCE Motive Partners
