Nasdaq Private Market (NPM), a leading provider of
secondary liquidity solutions to private companies, employees, and
investors, announced today that it has added
Bank of
America as an investor. NPM’s existing investor consortium
of premier global financial institutions has helped drive the
company’s success since its spinout from Nasdaq in 2021.
This announcement comes following the January
2024 closing of the company’s $62.4 million Series B financing
round led by Nasdaq with participation from
Allen & Company, Citi, and
Goldman Sachs, and with new investments from
BNP Paribas, DRW Venture Capital,
UBS, and Wells Fargo. NPM plans
to leverage Bank of America’s investment to accelerate new product
development and global growth.
“We are incredibly proud to welcome Bank of
America as an investor. Bank of America and NPM share a vision of
creating a more fair, transparent, and efficient private market,”
said Tom Callahan, Chief Executive Officer, Nasdaq Private
Market. “They join a prestigious consortium of 10 of the
world’s most influential financial institutions with a common goal
of bringing this $3.5 trillion asset class into the modern age of
efficient electronic markets. Together, we are working to ensure
entrepreneurs and risk capital can meet more efficiently so the
American innovation economy can grow and prosper.”
NPM operates as an independent entity with
strong support from its industry-backed consortium of investors.
Collectively, the company serves private companies, employees and
investors with a high-integrity trading, settlement, data, and
wealth platform. Today, the company services some of the world’s
most innovative private companies with solutions for the liquidity
needs of their employees and institutional investors. The company
has executed more than $50 billion in transactional value across
760 company-sponsored liquidity programs and block trades since
inception.
“We are pleased to join the consortium of
investors in NPM. With the growth of private markets in recent
years, Bank of America has been keenly focused on supporting
evolution in this space as an active member of the NPM platform. We
look forward to developing further scale and electronic
efficiencies in this market segment with our clients and partners,”
said Sonali Theisen, Head of FICC
Electronic Trading and Global Markets Strategic Investments at Bank
of America.
NPM’s primary business lines include Company
Solutions, SecondMarket™ Trading Marketplace, Transfer and
Settlement, Tape D™ Data and Analytics, as well as Wealth
Solutions. Its Company Solutions supports private companies using
proprietary technology to facilitate tenders, auctions, and
pre-direct listing programs. The SecondMarket™ Trading
Marketplace is bringing transparency and efficiency to the block
trading of private shares with a model fully aligned with the
interests of private companies. Its patent-pending Transfer and
Settlement technology streamlines the complex, burdensome process
of post-match workflows for companies and trading counterparties.
Tape D™ Data and Analytics delivers actionable insights into
trading activity and private companies for investors. Wealth
Solutions is connecting clients with resources to manage their
newly earned funds and support tax requirements.
“Bank of America’s investment in NPM builds on
the momentum from this year’s Series B fundraising round,
underscoring the important role NPM plays as a liquidity solutions
provider to private companies,” said Gary Offner, Senior
Vice President and Head of Nasdaq Ventures, Nasdaq, and
Chairman of the Board of Managers, Nasdaq Private
Market. “The board and I are pleased to welcome Bank of
America to the NPM consortium, and we look forward to working with
them to modernize private markets for the benefit of private
companies, their investors, and employees.”
About Nasdaq Private
MarketNasdaq Private Market provides liquidity solutions
for private companies, employees, and investors throughout each
stage of the pre-IPO lifecycle. In 2013, the company was founded
within Nasdaq, Inc. Today it is an independent company with
strategic investments from Nasdaq, Allen & Company, BNP
Paribas, Citi, DRW Venture Capital, Goldman Sachs, HiJoJo Partners,
Morgan Stanley, UBS, and Wells Fargo.
Learn more at www.nasdaqprivatemarket.com. Visit
LinkedIn and X @npm for the latest company news.
About Bank of AmericaBank of
America is one of the world’s leading financial institutions,
serving individual consumers, small and middle-market businesses
and large corporations with a full range of banking, investing,
asset management and other financial and risk management products
and services. The company provides unmatched convenience in the
United States, serving approximately 69 million consumer and small
business clients with approximately 3,800 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 58 million
verified digital users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the United States, its
territories and more than 35 countries. Bank of America Corporation
stock is listed on the New York Stock Exchange (NYSE: BAC).
AdvisorsJefferies LLC acted as
financial advisor and placement agent to Nasdaq Private Market, and
Cooley LLP served as legal advisor.
Media Contacts
Nasdaq Private MarketAmanda
GoldAmanda.Gold@npm.com
Bank of AmericaTom
RottcherThomas.F.Rottcher@bofa.com
Forward-Looking StatementsThis
press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements with respect to the joint venture among Nasdaq
Private Market, Nasdaq, Allen & Company, Citi, Goldman Sachs,
Morgan Stanley, BNP Paribas, DRW Venture Capital, UBS, Wells Fargo,
and HiJoJo Partners and the benefits of the joint venture, and
statements about Nasdaq Private Market, Nasdaq, Allen &
Company, Citi, Goldman Sachs, Morgan Stanley, BNP Paribas, DRW
Venture Capital, UBS, Wells Fargo, and HiJoJo Partners and their
respective products and offerings. We caution that these statements
are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in the forward-looking
statements. Forward-looking statements involve a number of risks,
uncertainties, or other factors beyond the control of the joint
venture participants. These factors include, but are not limited
to, factors detailed in each joint venture participant’s annual
report on Form 10-K and periodic reports filed with the U.S.
Securities and Exchange Commission. The joint venture participants
undertake no obligation to release any revisions to any
forward-looking statements.
Disclosures and DisclaimersNPM
is not: (a) a registered exchange under the Securities Exchange Act
of 1934; (b) a registered investment adviser under the Investment
Advisers Act of 1940; or (c) a financial or tax planner and does
not offer legal or financial advice to any user of the NPM website
or its services. Securities-related services are offered through
NPM Securities, LLC, a registered broker-dealer and alternative
trading system, and member FINRA/SIPC. Transactions in securities
conducted through NPM Securities, LLC are not listed or traded on
The Nasdaq Stock Market LLC, nor are the securities subject to the
same listing or qualification standards applicable to securities
listed or traded on The Nasdaq Stock Market LLC.
Please read these other important disclosures and disclaimers
about NPM found here:
https://www.nasdaqprivatemarket.com/disclosures-disclaimer/
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