Apollo Global Management Inc said on Thursday it would buy a minority stake in Motive Partners, a smaller private equity firm focused on financial technology investments.
The larger PE firm said it would pick up to a 24.9% stake in Motive, although it did not disclose other terms of the deal.
The Wall Street Journal, which first reported the news, said the deal would value the smaller PE firm at around $1 billion, citing people familiar with the matter.
There will be no change in management, strategy, investment process or day-to-day operations of Motive, Apollo said.
Motive invests in software makers as well as information and investment service providers that work with firms in the financial sector, its website showed, with a focus on opportunities in North America and Europe.
Along with private equity firm Clearlake Capital Group, Motive agreed to acquire an 80% stake in the wealth management software platform InvestCloud earlier this year.
Source: Reuters.com