PE Deals

Clearlake and Motive buy wealth management software platform BetaNXT

Included in this transaction are BETA Post-trade Processing, Maxit, and Digital Investor.

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  • London Stock Exchange Group is the seller
  • Wells Fargo Securities served as financial advisor to Clearlake and Motive with Sidley Austin LLP providing legal counsel
  • Goldman Sachs, Wells Fargo Securities, UBS Investment Bank, BNP Paribas and ING Capital arranged financing supporting the transaction

Clearlake Capital Group and Motive have acquired wealth management software platform BETA+. Included in this transaction are BETA Post-trade Processing, Maxit and Digital Investor.

The seller is London Stock Exchange Group. No financial terms were disclosed. The acquired company will now operate as BetaNXT.

Motive Co-Founder Stephen C. Daffron will lead BetaNXT as CEO and chairman. Joining the leadership team are Caroline O’Connell as chief administrative officer, Don Henderson as chief technology officer, Tim Rutka as president of BETA, and Michael Pass as president of Maxit and Digital Investor.

On the deal, Daffron said in a statement: “We are energized by the opportunity to help take the company to the next level. Leveraging the proprietary industry expertise of our experienced leadership team and exceptional partnerships with Clearlake, Motive and LSEG, our immediate focus will be on delivering for customers by executing on the core platform technology roadmap and investing in product functionality enhancements that improve customers’ experience with us.”

Wells Fargo Securities served as financial advisor to Clearlake and Motive with Sidley Austin LLP providing legal counsel. Goldman Sachs, Wells Fargo Securities, UBS Investment Bank, BNP Paribas and ING Capital arranged financing supporting the transaction. FTI Consulting provided carve-out advisory services.

Clearlake’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, California.

Motive Partners focuses on growth equity and buyout investments in software and information services companies based in North America and Europe.