Motive Partners and Clearlake Capital Invest in Growth in Next Generation SaaS Wealth Solutions Platform with InvestCloud
Funds advised by Motive Partners and Clearlake Capital acquire a majority stake in InvestCloud, combining Finantix and Tegra118, to create a global SaaS wealth solutions fintech leader with more than $ 4 trillion in assets on its platform
Motive Partners, a specialty private equity firm focused on growth and acquisition investments in financial services software companies, and Clearlake Capital Group, an industry-focused investor that partners with world-class management teams offering patient, long-term capital to dynamic companies, announced the acquisition of InvestCloud, a modular, enterprise-grade digital wealth and investment management software solutions platform. Motive Partners, Clearlake and the funds advised by Motive Partners have entered into a definitive agreement to acquire 80% of InvestCloud from early stage investors and have simultaneously combined InvestCloud with the portfolio companies of Motive Partners, Finantix and Tegra118, to create the Next-generation Software-as-a-Service (“SaaS”) global wealth solutions platform led by InvestCloud CEO John Wise . The strategy and vision are shared by an esteemed group of co-investors, consisting of some of the largest financial institutions in the world, such as Accenture, Citi Ventures and Fiserv.
The wealth management industry is exhibiting consistent growth and investment from new and established vendors, presenting opportunities for disruptive technology companies to digitize the industry and capture market share throughout the value chain. Today, software solutions are often legacy and purpose-driven, with many point solutions fragmented by geography, process, and category. However, industry trends include the need to consistently serve global clients, digitize advisor and client interactions, create efficiencies in back office processes, and offer integrated solutions that can address all wealth segments as needs. of mass influx, high net worth and ultra high net worth.
The InvestCloud platform has been selected by many of the world’s largest financial institutions, private banks, and insurers as their global digital wealth platform. Motive and Clearlake, working with InvestCloud, identified that Tegra118 could be a complementary element as the foundation for future product innovations, and Finantix would be the ideal partner for private banking capabilities.
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“We are delighted with the opportunity to combine the strengths of Tegra118 as America’s leading managed account platform, and Finantix Private Banking’s expertise with InvestCloud’s leading digital wealth platform,” commented John Wise, CEO of InvestCloud. “The time represents a once-in-a-l******* opportunity to work with entrepreneur partner Rob Heyvaert , the broad team at Motive Partners and Clearlake to seize the opportunity to transform the industry.”
Rob Heyvaert, President of InvestCloud and Founder and Managing Partner of Motive Partners, commented: “Our research in recent years into macro and regional wealth technology trends led us to acquire Finantix, Tegra118 and finally John and the InvestCloud team. Today marks our collective endeavor and an important opportunity for the industry as the newly formed InvestCloud Group presents their combined vision for clients in various financial services regions and subsectors. We look forward to capitalizing on the unique industry moment for our clients with John , Christine, Cheryl and our team of experts. ”
“InvestCloud has established a leading and differentiated position in the wealth management software space with a pure-play cloud-native platform that meets the unique needs of global financial institutions and their clients,” said Behdad Eghbali , Co-Founder and Managing Partner, and James Pade , partner at Clearlake. “We look forward to the partnership with John, Motive Partners and the InvestCloud team as a company, in combination with Finantix and Tegra118, will continue to deliver best-in-class solutions to their global customer base.”
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As part of the transaction, Rob Heyvaert (Founder and Managing Partner of Motive Partners) will become Chairman, with John Wise as CEO of the group that will run the combined business, with Cheryl Nash (CEO, Tegra118) and Christine Ciriani (CEO) , Finantix) reporting to Wise.
Additionally, James Pade (Partner and Managing Director, Clearlake), Vikram Abraham (Vice President, Clearlake), James Cox (Executive Vice President of Corporate Development, Fiserv), Scott Kauffman (Founding Partner of Motive Partners), Richard Lumb (Industry Partner Motive Partners) and Doug Smith (Motive Partners Industry Partner) will join the InvestCloud Committee to support business growth.
Cheryl Nash, CEO of Tegra118, commented: “The InvestCloud platform is arguably the most digitally advanced solution in the wealth industry. Combining InvestCloud with our network of asset managers and wealth managers will add substantial and unprecedented value. to our customers and to the market. ”
Christine Ciriani, CEO of Finantix, explained “With the democratization of wealth and the digitization of advice, there is no better time to bring to the market an integrated front- and middle-office platform that offers feature-rich digital assets for the industries of wealth management and insurance. To combine Finantix’s strength in Europe and Asia in private banking with InvestCloud’s market leading SaaS platform in North America and Tegra118 is an exciting prospect for our clients and staff. ”
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