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On Thursday, New York-based Nasdaq announced that it has bought SecondMarket Solutions Inc, a company that facilitates liquidity for startups. The acquisition was done through the company’s subsidiary, the Nasdaq Private Market LLC.
Although the terms of the deal were not disclosed, it has been made known that SecondMarket employees will be absorbed by the Nasdaq unit.
TechCrunch said the acquisition was a strategic one for Nasdaq, of which its aim would be to be to go-to platform of institutional investors who are looking to gain access to startups who have yet to go public.
Executive Vice President, Nasdaq and board member for Nasdaq Private Market Nelson Griggs said about the move, "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. 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."
