NEW YORK, Feb. 20, 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.
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.
SOURCE Motive Partners