SecondMarket was founded in 2004 and has gone through several iterations of its business. An early pioneer in the private secondary market, the company developed a platform for trading shares of Facebook and other in-demand startups.
Making private markets look more like public markets. NASDAQ has agreed to buy SecondMarket and combine forces with the NASDAQ Private Market. The group will facilitate the exchange of shares for private companies, including DocuSign, Pinterest, Shazam and Tango.
NASDAQ has agreed to buy SecondMarket Solutions to combine forces with the NASDAQ Private Market. The group will facilitate the exchange of shares for private companies, including DocuSign, Pinterest, Shazam and Tango. Bill Siegel, present CEO of SecondMarket, will lead the expanded NASDAQ Private Market business, which will be headquartered in both San Francisco and New York. The businesses will continue to operate as usual from day one. The terms of the deal were not disclosed. As startups stay private longer, there is an increased need to provide liquidity for shareholders. Nelson Griggs, executive vice president at NASDAQ, said that giving the employees the option to sell shares helps startups “attract and retain the best talent.”
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