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The financial details of the deal remain undisclosed but come off as the first acquisition Fidelity Investments has made in about 7 years.<\/p>\n<\/div>\n
Fidelity Investments<\/a>, one of the world\u2019s largest financial services providers has announced<\/a> its complete acquisition of a global fintech firm, Shoobx. As revealed by the company, the acquisition will position it right to deepen its foothold in the private market where it currently wields a very dominant sway.<\/p>\n Shoobx offers automated equity management operations and financing software for private companies at all growth stages, up to and including an initial public offering<\/a> (IPO). The offerings of Shoobx align greatly with one of Fidelity Investment\u2019s offshoots, the Stock Plan Services, a division of the company\u2019s Workplace Investing Division. <\/p>\n As a new entity under the Fidelity umbrella, Shoobx will be wrapped under the Stock Plan Services and help in providing a complete equity management solution to the private market. Fidelity and Shoobx\u2019s offerings in this area evolved over the course of more than a year since both firms joined forces to work together in 2021.<\/p>\n \u201cGiven 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,\u201d said Kevin Barry, head of Fidelity Workplace Investing. \u201cTogether, 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.\u201d<\/p>\n Some of these solutions as pointed out by Barry will border on the equity compensation and benefits administration that Fidelity is known for as well as the equity management capabilities, board management tools, and data room solutions that Shoobx has been shown to gain unique expertise in.<\/p>\n The financial details of the deal remain undisclosed but come off as the first acquisition the Boston, Massachusetts-based firm has made in about 7 years.<\/p>\n Mergers and Acquisitions (M&A) is a very important venture, one that can make or mar more of the companies involved. With Shoobx agreeing to go under Fidelity Investments, the startup believes the financial services giant will offer it the perfect environment to scale up.<\/p>\n \u201cFidelity\u2019s financial strength, market leadership, and unrelenting commitment to the client make this acquisition a perfect environment for Shoobx \u2014 allowing us to continue innovating to meet the complex needs of our existing clients, while thoughtfully accelerating our private market expansion,\u201d said Jason Furtado, CEO, and co-founder of Shoobx. \u201cJoining Fidelity is just the beginning for what is going to be a long and rewarding journey for our clients and their employees, along with our own talented team.\u201d<\/p>\n Some of the areas that the duo of Fidelity and Shoobx will offer value to clients include innovative technology solutions for all companies irrespective of their growth stage, the creation of due diligence solutions, and data storage and modeling capabilities among others.<\/p>\n next<\/a> Business News<\/a>, Deals News<\/a>, FinTech News<\/a>, News<\/a> <\/span> <\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.<\/p>\n<\/section>\n<\/article>\n<\/div>\nFidelity Investments as the Right Fit for Shoobx<\/h2>\n
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