Clayton, Dubilier & Rice has agreed to buy a majority stake in business consulting firm Capco from Fidelity National Information Services Inc. (NYSE: FIS) for $477 million. The PE firm is acquiring a 60 percent stake in the target, while FIS will keep the remaining 40 percent.

Capco provides consulting services such as regulation compliance, mobile and digital services, and technology mainly for the wealth management and banking sectors. In technology and mobile in particular, online and mobile banking are increasingly becoming normal requirements for customers, according to Capco.

FIS says keeping a minority ownership in Capco will allow FIS to retain its client relationships while focusing on core products. Capco CEO Lance Levy says the investment from CD&R “will accelerate the expansion of our market offerings and coverage, and will provide Capco access to business insights and skills to drive the next phase of our growth.” Jacksonville, Florida-based FIS acquired Capco in 2010.

CD&R is a New York-based private equity that focuses on the consumer, business services and healthcare sectors. In 2017, the firm acquired toothbrush maker Dr. Fresh and wheelchair manufacturer Drive DeVilbiss Healthcare. In another consulting related deal, Lovell Minnick Partners-backed J.S. Held acquired construction claims firm Lovett Silverman Construction Consultants.

Centerview Partners and Willkie Farr & Gallagher LLP are advising FIS. Barclays, BMO Capital Markets, Credit Suisse, HSBC Securities (USA) Inc., Peter J. Solomon CO., along with Debevoise & Plimpton LLP are advising CD&R.