Clearlake Capital Group, L.P. and Motive Partners, today announced that they have entered into a definitive agreement to acquire the BETA+ assets from London Stock Exchange Group (“LSEG”), which encompasses the assets of BETA (securities processing, custody, clearing, and asset servicing technology), Maxit (cost and tax basis reporting software), and Digital Investor (front-end client solutions), collectively referred to as “BETA+”. Additionally, Clearlake and Motive Partners have simultaneously formed a long-term strategic partnership with LSEG, in which LSEG will provide content, data, and tools to BETA+ and the Sponsors’ other portfolio companies.
The wealth management industry continues to demonstrate opportunities, bolstered by tailwinds across the spectrum including a significant movement in technology modernization, industry consolidation, increases in retail trading, and democratization of the capital markets. Over recent years, the space has exhibited growth across various avenues, compounded by investment from new and established players. This has presented opportunities for well-placed investors and innovators to digitize legacy technology, expand product offerings to address unmet demand, and create efficiencies along the value chain.
The Sponsors were advised by Wells Fargo as exclusive financial advisor, Sidley Austin LLP as legal counsel, Deloitte as accounting, tax, carveout and human resources counsel, BCG as commercial advisor, and Motive Create for technical due diligence. Gibson, Dunn & Crutcher LLP also acted as legal counsel for Motive Partners. The deal is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
Read more: PRNewswire
