Nasdaq Private Market Adds Bank of America to Consortium of Investors
August 8, 2024 at 8:30 AM Eastern
NEW YORK, NY / SAN FRANCISCO, CA – 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, SecondMarketTM Trading Marketplace, Transfer and Settlement, Tape DTM 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 SecondMarketTM 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 DTM 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.”
Nasdaq 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.
Bank 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).
Jefferies LLC acted as financial advisor and placement agent to Nasdaq Private Market, and Cooley LLP served as legal advisor.
Amanda Gold, Nasdaq Private Market
Amanda.Gold@npm.com
Tom Rottcher, Bank of America
Thomas.F.Rottcher@bofa.com
This 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.
NPM 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/
August 8, 2024 at 8:30 AM Eastern
Nasdaq Private Market Adds Bank of America to Consortium of Investors
NEW YORK, NY / SAN FRANCISCO, CA – 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, SecondMarketTM Trading Marketplace, Transfer and Settlement, Tape DTM 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 SecondMarketTM 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 DTM 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.”
Nasdaq 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.
Bank 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).
Jefferies LLC acted as financial advisor and placement agent to Nasdaq Private Market, and Cooley LLP served as legal advisor.
Amanda Gold, Nasdaq Private Market
Amanda.Gold@npm.com
Tom Rottcher, Bank of America
Thomas.F.Rottcher@bofa.com
This 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.
NPM 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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