Fidelity Acquires Equity Management Company Shoobx
Fidelity Investments has acquired equity management company Shoobx, marking Fidelity's first acquisition since 2015.Terms of today's deal were not disclosed.The acquisition will help Fidelity expand its offerings for startups and early-stage companies. Fidelity Investments announced this week it has acquired equity management company Shoobx. Financial terms of the agreement were not disclosed and the deal marks Fidelity's first acquisition since it purchased eMoney Advisor in 2015 for $250 million. Ultimately, the move will help Fidelity expand its offerings for startups and early-stage companies. In fact, today's acquisition contributes to Fidelity's growing portfolio of tools that support the startup ecosystem. Fidelity Labs, the organization's innovation arm, has invested in several startups and fintech companies, and has developed its own technology to improve the investment process. Fidelity will integrate Shoobx's technology into its Stock Plan Services business, an arm that offers equity compensation plan recordkeeping and administration services. Part of Fidelity’s Workplace Investing…
