A group led by Motive Partners 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.

The investment group, which includes Cannae Holdings, will acquire 60% of the business, which will operate under a joint venture with Fiserv, which will maintain a 40% stake. The unit is focused on providing technology to the wealth and asset management business. 

Cheryl Nash, president of Investment Services at Fiserv, will continue to lead the business under the 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 a company release. "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, executive chairman of Cannae, Dun & Bradstreet and Black Knight and Alvi Abuaf, lead industry partner at Motive, will join the board of the venture. 

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

Cover image: Fivserv.