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Nasdaq (Nasdaq:NDAQ) announces that its subsidiary, The NASDAQ Private Market, LLC, has acquired SecondMarket® Solutions, Inc., a recognized innovator in facilitating liquidity for private company securities. SecondMarket will be integrated into NASDAQ Private Market, serving customers worldwide with bicoastal headquarters in New York and San Francisco. Bill Siegel, CEO of SecondMarket, will lead the business. The combination establishes a leading provider for innovative and efficient solutions to deliver secondary liquidity and equity management services.
The combined management and business development teams of The NASDAQ Private Market and SecondMarket include pioneers in private company liquidity and equity management, serving a diverse client portfolio of over 200 of the world’s most innovative private companies including DocuSign, Pinterest, Shazam, and Tango.
“The combination of NASDAQ Private Market and SecondMarket provides an exceptional platform for private companies to manage their equity and provide liquidity events for employees and investors,” said Nelson Griggs, Executive Vice President, Nasdaq and board member, NASDAQ Private Market. “Nasdaq has been synonymous with innovation in the capital markets for over 40 years, and this transaction, along with our blockchain efforts, creates new opportunities to serve the equity needs of companies throughout their time in the private arena.”
The addition of SecondMarket will bring increased opportunities to private company customers, including expanded member benefits, equity management solutions via the ExactEquity™ platform and access to Nasdaq’s corporate solutions offerings.
“As companies extend their pre-IPO lives, they face increasing pressure to provide liquidity to employees and early investors,” said Bill Siegel, CEO of SecondMarket. “Our combined offering strives to give private companies a comprehensive, company-controlled solution to attract and retain talent, while also providing tools to effectively manage their equity ownership and secondary liquidity for their employees and shareholders.”
The entire SecondMarket team has joined NASDAQ Private Market as a result of the acquisition.
“This transaction validates the role SecondMarket, and the team, have played in the evolution of the private market,” remarked Barry Silbert, Founder, SecondMarket.
Separately from this transaction, Nasdaq now holds full ownership of The NASDAQ Private Market following the recent acquisition of the minority stake that was held by SharesPost, Inc.
