MOTV SPAC – Next-Gen Visionary Fintech Space

fintech economy

Introduction to the Motive Capital Corp. SPAC (NASDAQ: MOTV)

MOTV SPAC is the latest addition to the publicly traded universe of SPACs with a solid PE Investor as an affiliate and line up of fintech and investing experts as part of management team . The Company is focusing on  opportunities in the fintech sector including in banking & payments, data & analytics and investment management. In an upsized offering, Motive Capital raised US$360 Million by offering 36 Million units at US$10. Each unit consisted of one share of common stock and one-third of a warrant, exercisable at US$11.50. The Company also has the option to raise an additional US$140 Million at the closing of an acquisition pursuant to a an agreement with its main affiliate Motive Partners.

Sponsor Reputation and Context

MOTV SPAC  is affiliate of Motive Partners which is a specialist PE firm with US$ 1.1 Billion in AUM. Motive Partners was founded by a group of financial services and technology sector industry experts who have collectively been involved in more than 80 investments and M&A transactions in the financial technology & services, insurance, and info/tech services sectors space. With a strong proprietary deal flow, Motive Partner consists of a team of approximately 70 professionals in New York and London with extensive investment, operating and innovating experience in fintech space. The Sponsors believe the background and experience of Motive Partners will be key in sourcing an attractive transaction.

Motive Partners is a next-generation private investment firm with its investment thesis focusing on the the technology enabled companies that underpin financial and business services. Motive Partners business strategy is firmly underpinning financial technology as a large and growing market opportunity in a complex industry undergoing significant transformation. It represents a collection of industry investors, operators and innovators with solid experience, relationship background and past track record to positively transform markets, models and society – we live and breathe financial technology.

Motive Partners are actively investing in the fintech space and have recently closed an investment in the Saas platform (Invest Cloud) to take a majority stake in this global SaaS wealth solutions leader with over US$ 4 Trillion of assets under management. See below link for the press release:

https://www.motivepartners.com/news/motive-partners-clearlake-capital-invest-for-growth-in-next-generation-saas-wealth-solutions-platform-with-investcloud

Key Executives & Management Team

The Sponsor team is being led by a sound mix of experienced financial industry and banking professionals who have demonstrated trach record of closing successful transactions in their careers.  MOTV SPAC plans to leverage its management team’s experience and target the fintech sector, primarily focusing on banking and payments, capital markets, data and analytics, insurance, and investment management.

The management team comprises of Executive Chairman Rob Heyvaert, Chief Executive Officer and Director Blythe Masters. Other members of the management team include Kristy Trieste serves as Chief Financial Officer, Stephen C. Daffron as member of the BOD of MOTV SPAC who will be supported by the broader Motive team of experts.

Rob Heyvaert - Executive Chairman of the Board
Rob Heyvaert – Executive Chairman of the Board

Rob Heyvaert is the Executive Chairman of the Board of Directors of MOTV SPAC. He is also the Founder and  Managing Partner of Motive’s affiliate Motive Partners. He has a wealth of experience as a financial technology executive and entrepreneur having held a variety of senior leadership positions in the world’s leading financial technology firms and having successfully founded, scaled and exited two industry-leading global financial services and technology consulting businesses (i.e. Cimad Consultants and Capco).

His first entrepreneurial venture was Cimad Consultants at the age of 24 where he successfully built a real-time capital markets settlement engine that eventually became the backbone of European clearing and settlement evolving the company into one of the leading consulting and software firm which was eventually acquired by IBM where Rob was consequently appointed global General Manager of Securities and Capital Markets.

Rob then founded Capco at the age of 34, which became a leader in fintech advisory and execution services. Capco currently generates Millions  of Dollars of revenues serving the full financial services value chain. It has an established global presence across North America, Europe and Asia. In 2010, Capco was acquired by FIS which is the largest provider of transaction processing services to financial institutions across the world.

After the acquisition by FIS, Rob was appointed as Corporate Executive Vice President of Global Financial Solutions at FIS. At FIS, he had account responsibilities for the top 200 largest banks domestically (U.S.) and the international business of FIS. At FIS, Rob was also the key executive managing the US$ 9.1 Billion acquisition of SunGard, one of the largest financial technology acquisition to date.

Blythe Masters - Chief Executive Officer
Blythe Masters – Chief Executive Officer

Blythe Masters serves as Chief Executive Officer of MOTV SPAC. She is an experienced financial services and fintech  executive serving as an Industry Partner at Motive Partners. She sources and executes investment opportunities with a focus on thematic strategy development and value creation for Motive portfolio companies.

Her credentials in the Fintech space are further backed by her role as the former CEO of Digital Asset. Digital Asset is a leading enterprise blockchain fintech company responsible for the Australian Securities Exchange’s groundbreaking post trade infrastructure replacement project. She is a career banker with 27 years of experience as a senior executive at J.P. Morgan where she worked till 2015 and focused on various areas including Corporate & Investment Banking regulatory affairs and Credit Portfolio.   In parallel, she serves on the Board of A.P. Moeller Maersk, GCM Grosvenor, the International Advisory Board of Santander Group and Chairs the Board of Phunware. Blythe also serves as an Advisory Board member of Google Cloud, the U.S. Chamber of Digital Commerce, Figure Technologies, and Maxex. 

Kristy Triestie - Chief Financial Officer
Kristy Triestie – Chief Financial Officer

Kristy Trieste is a key member of MOTV SPAC’s management team serving as Chief Financial Officer. She is also a Founding Partner, Chief  Financial Officer and Chief Compliance Officer of Motive Partners. Kristy brings over 20 years of financial services and private equity expertise. At Motive Partners, she is responsible for the financial management of the Company. She is also involved in strategic and operational business decisions and the stewardship of the firm’s investor capital. Prior to joining Motive Partners, Ms. Trieste served as Managing Director of Finance and Operations at Corsair Capital. She has extensive experience of working in key roles at organizations including Goldman Sachs, Deutsche Bank and Ernst & Young .  She also serves on the NY PE and VC FEA Board, a national affinity group administered by First Republic Bank.

Stephen C. Daffron - Board Member
Stephen C. Daffron – Board Member

Stephen C. Daffron is a member of the Board of Directors of MOTV SPAC. Stephen is a Co-Founder and  Industry Partner at Motive Partners. He has extensive experience in the fields of private equity, investment management and Fintech.  He is also currently the President of Dun & Bradstreet, a leading global provider of data and analytics. Prior to joining Motive Partners, he served as the Chief Executive Officer of Interactive Data, a private equity-backed firm. Prior to Interactive Data, Stephen was the Global Head of Technology, Operations, and Data at Morgan Stanley. Thus Stephen brings on further hands on experience of the fintech sector which bodes well for Motive Capital Corp.

Jill Considine - Board Member
Jill Considine – Board Member

Jill Considine is a BOD member of MOTV SPAC. She has extensive financial background as a result of holding key posts in BOD of Mizuho and London Clearing House. Previously, she  was also a member of the board of the Federal Reserve Bank of New York . Previously, Ms. Considine was appointed as trustee of the AIG Credit Facility Trust by the Federal Reserve Bank of New York.

Market Focus & Target Criteria of Motive

MOTV SPAC intends to leverage the experience of its executive team and the platform provided by its private equity affiliate (Motive Partners) to target entities that can benefit from the investment, operating and innovating experience of the management team to create value centered around five key pillars (Strategy and M&A; Sales and Marketing; Product Development and Innovation; Operational Improvements; and Talent) and leveraging the integrated platform capabilities of Motive.

The Company is focused on making investments in the fintech space including financial software and information services companies operating at the intersection of the financial and business services sectors  generally headquartered in North America and Europe. And the Company has highlighted in their prospectus that they intend to pursue fintech companies serving banking & payments, capital markets, data & analytics, insurance and investment management as tech based financial services businesses have attractive business models. MOTV is seeking targets that exhibit infrastructure-like characteristics and are strategically important to their customers.

Previous Deal Flow Analysis

With the experience of the key members of the executive team at MOTV SPAC in the financial services and fintech space and extensive experience in areas such as banking, investment management and data analytics places this SPAC in a prime position to source and close out transactions as per their stated mandate in an era when covid-19 has accelerated the move towards digitalization in all walks of life.   Motive’s integrated platform, its innovation-centric approach to value creation, and its ability to efficiently and rapidly execute through its business model enable Motive to play an influential role in value creation within its investments.

Previous Deal Examples

Examples of the implementation of this strategy include recent investments in Dun & Bradstreet (a commercial data analytics company), Tegra118 (carve-out of Fiserv’s Investment Services division and is a leading provider of software solutions to the wealth and institutional asset management industry) , Avaloq (provider of core banking software and digital technology solutions for banks and wealth managers) and Global Shares (Global Shares is a global provider of software and services for simplifying and managing employee equity share plan administration, serving public and private blue chip clients worldwide). In these transactions, Motive Partners brought along significant post deal values to the targets bringing along specialized management team to improve upon the business strategy.   

Summary of Our Findings

With the focus on fintech space and the ongoing innovative revolution being witnessed in the fields such as data analytics, payment systems and investment management fields, the MOTV SPAC seems to have arrived at the perfect time . The current era belongs unnotably to fintech innovation innovation. With the experience of its management team in fintech and the innovation-centric deal sourcing and closing platform of Motive Partners, the MOTV SPAC is in pole position to identify a suitable target and create opportunities for value creation.  However in a hyper liquid market identifying a suitable next generation business at a reasonable price remains a challenge.

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