Clearlake Capital, Motive Partners to Acquire BETA+ From London Stock Exchange Group

Clearlake, BETA+, acquisition, LSEG

Clearlake Capital Group, L.P., and Motive Partners on Monday (March 21) entered into a definitive agreement to acquire assets of BETA+ from London Stock Exchange Group (LSEG), according to a joint press release.

The acquisition includes securities processing, custody, clearing and asset servicing technology BETA, cost and tax basis reporting software Maxit and front-end client solutions Digital Investor.

Clearlake and Motive have also inked a long-term strategic partnership in which LSEG will provide content, data and tools to BETA+ and the other companies in Clearlake and Motive’s portfolios.

Clearlake and Motive focus on providing the wealth management industry with frictionless digital experiences and delivering hyper-personalized solutions to customers. Per the release, the BETA+ acquisition will serve as the springboard to allow Clearlake and Motive to execute on a buy-and-build strategy, supported by Clearlake’s proprietary O.P.S. framework and Motive’s value creation plan.

“BETA+ has established a strong position in the self-clearing technology space and broader wealth management ecosystem with a reputation for meeting the unique needs of global financial institutions and their clients,” said Behdad Eghbali, co-founder and managing partner, and James Pade, partner of Clearlake, in the company press release.

The companies will reportedly build platform infrastructure on the back end of the Wealth portal and augment the BETA+ platform, enhancing functionality, entering high-growth markets and creating partnerships within the portal.

“BETA+, together with our other portfolio companies, will be focused on creating frictionless, digital-first experiences for clients, advisors, and home office personnel with streamlined processes, reduced costs, and increased retention and satisfaction, ultimately making it easier for Wealth clients to obtain solutions which address their financial needs,” Stephen C. Daffron, co-founder and industry partner of Motive Partners, said in the release.

In February, LSEG closed a $325 million all-cash acquisition deal for TORA, a single platform for execution, order and portfolio management system (EMS, OMS and PMS).

Related: London Stock Exchange Group Closes $325M Deal for TORA

As part of the deal, TORA will become part of LSEG’s Data & Analytics unit’s Trading & Banking Solutions business.