Clearlake Capital and Motive Partners Complete Acquisition of Wealth Management Software Platform BETA+
BetaNXT rebrand and new leadership team to scale technology organization, improve outcomes for clients and investors globally, and capitalize on myriad opportunities in the wealth management industry
Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Motive Partners (together with its affiliates “Motive”) announced the closing of the acquisition of the BETA+ assets including BETA Post-trade Processing, Maxit, and Digital Investor, from the London Stock Exchange Group (“LSEG”). Effective immediately, the company will operate as BetaNXT, reflecting its evolved strategic vision.
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In connection with the closing, BetaNXT announced its new leadership team, whose vision is to create the interconnected wealth management experience of the future. The company will be led by Motive Co-Founder Stephen C. Daffron as Chairman and Chief Executive Officer. He is joined by 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. Together, they will lead the next phase of growth for the company, solving their customers’ most daunting integration challenges and offering modern, frictionless solutions that anticipate their changing needs.
“We are excited to back the BetaNXT leadership team to scale the business and build a differentiated platform in the wealth management industry,” said Behdad Eghbali, Co-Founder and Managing Partner, and James Pade, Partner and Managing Director, of Clearlake. “We look forward to executing on a buy-and-build growth strategy to continue to scale BetaNXT’s existing offerings and enter new high-growth markets.”
“We acquired a solid foundation in BetaNXT, which brings with it industry-leading capabilities in transaction processing and deep ties to the wealth management industry. We are energized by the opportunity to help take the company to the next level,” said Stephen C. Daffron, Chairman and Chief Executive Officer of BetaNXT. “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.”
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Additionally, Clearlake and Motive Partners have formed a long-term strategic partnership with LSEG, through which LSEG will work hand in hand with BetaNXT and the Sponsors’ wealth management portfolio companies, providing content, data, and tools.
“We are excited to have Clearlake and Motive supporting us, as they bring with them a wealth of industry knowledge and experience to help us deliver new products and efficiencies for our clients,” said Tim Rutka, President of BETA.
Wells Fargo Securities served as exclusive financial advisor and Sidley Austin LLP served as counsel to Clearlake and Motive. 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.
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