Motive Partners, a private equity firm, agreed to acquire European venture capital platform embedded/capital, in a deal set to close at the end of the year.
Motive Partners, which has offices in London and New York, focuses on building, backing and buying technology companies that support the financial economy. Embedded/capital, based in Berlin, focuses on supporting financial technology innovation-related companies.
The deal — the terms of which were not disclosed — is subject to customary closing conditions.
Sam Tidswell-Norrish, a managing director on Motive Partners' investor relations team, confirmed via a spokeswoman that embedded/capital was management-owned and that there was no sale process.
Having formed a partnership with Apollo Global Management in December, Motive Partners launched Motive Ventures, focuses on early stage investments. Motive Partners and embedded/capital have joined forces to develop the Motive Ventures franchise, the spokeswoman added.
The combination of embedded/capital's team with the Motive Ventures team will enable the firms to capitalize on the growing opportunities in new financial technologies and business models, a news release said. The combined team will consist of 14 people across Berlin, London and New York.
"We have known the (embedded/capital) team by reputation for some time and have admired their prowess as both business builders and investors in leading entrepreneurs that are evolving the financial technology landscape," said Blythe Masters, founding partner at Motive Partners, in the news release. "This acquisition not only adds depth and capability to our team but provides critical strategic benefits to the rest of the firm, including innovation insights and learning, attracting top talent and enhanced sourcing networks."
Motive Partners has about $4.8 billion in assets under management. Details about embedded/capital's AUM could not immediately be learned.