Nasdaq Inc. subsidiary Nasdaq Private Market, LLC is buying SecondMarket Solutions Inc. and merging the two New York-based firms together, the exchange operator announced on Thursday.
The combined business will be led by Bill Siegel, CEO of SecondMarket.
Nasdaq also notes that it has taken full ownership of The Nasdaq Private Market, following the recent acquisition of the minority stake that was held by SharesPost, Inc. No price was disclosed for either transaction.
“As companies extend their pre-IPO lives, they face increasing pressure to provide liquidity to employees and early investors,” says Siegel in a statement. “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 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,” adds Nelson Griggs, executive vice president of Nasdaq. “This transaction, along with our blockchain efforts, creates new opportunities to serve the equity needs of companies throughout their time in the private arena.”