Fidelity Investments has acquired equity management platform Shoobx for an undisclosed amount.
Founded in 2013, Shoobx is a provider of automated equity management operations and financing software for private companies from their early stages to their initial public offerings.
Shoobx will join Fidelity’s Stock Plan Services business, which provides equity compensation plan record keeping and administration to nearly 700 companies with 2.5m plan participants and over $250b in plan value.
Stock Plan Services is part of Fidelity’s Workplace Investing division and provides workplace benefits.
Fidelity started working with Shoobx in 2021 to provide a complete equity management solution to the private market.
The partnership will offer private companies “innovative technology, industry experience and seamless service”.
Services it will offer include full capitalisation table and data modelling capabilities, as well as board management tools.
Kevin Barry, head of Fidelity Workplace Investing, commented: “Given the success of our commercial relationship with Shoobx and the increasing demand from private companies to support them as they scale and grow, including helping their employees manage their financial well-being, acquiring Shoobx was a natural next step in our relationship.
“Together, we will accelerate the development of new and innovative solutions designed to help private companies confidently navigate the complex journey all the way through to an exit or IPO.”
Jason Furtado, chief executive officer and co-founder of Shoobx, added: “Fidelity’s financial strength, market leadership, and unrelenting commitment to the client make this acquisition a perfect environment for Shoobx—allowing us to continue innovating to meet the complex needs of our existing clients, while thoughtfully accelerating our private market expansion.”
Image: Fidelity Investments