A group led by New York-based private equity firm Motive Partners has entered an agreement with Fiserv Inc. to buy a majority stake in Fiserv's investment services business for $510 million in net proceeds after taxes, according to an announcement the Brookfield, Wisconsin-based fintech company made Thursday.

The investment group, which includes Cannae Holdings, will acquire 60% of the business while Fiserv will maintain a 40% stake.  

Fiserv's investment services business provides technology for wealth and asset management. It counts seven of the top 10 U.S. broker-dealers and nine of the top 12 U.S. retail asset managers as customers, according to the announcement. The divestiture comes as Fiserv increasingly focuses on the payments industry following its acquisition of First Data Corp. earlier this year.

Cheryl Nash, president of investment services at Fiserv, will continue to lead the business under the newly formed joint venture. Rob Heyvaert, founder and managing partner of Motive Partners, will become executive chairman of the venture. 

"We are delighted to be joining forces with Rob and Motive Partners to enhance and accelerate Investment Services' leadership position," Jeffrery Yabuki, chairman and CEO of Fiserv, said in the announcement. "The new joint venture will increase our collective focus on growth and value, while creating more opportunities for clients, associates and shareholders."

William Foley II, chairman of Cannae Holdings, will serve on the board of the venture. 

The deal is scheduled to close during the first quarter of 2020. 

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