RESEARCH TRIANGLE PARK – Fidelity Investments has bought a provider of automated equity management operations and financing software.
The firm, which maintains a large presence in the Triangle and is looking to hire for more than 550 open jobs, announced that it had acquired Shoobx earlier this week.
Following the integration, Shoobx will join the company’s stock plan services business, which already has more than 700 customers representing $250 billion in value.
The purchase follows a strategic relationship established in 2021, when Fidelity tasked Shoobx to provide a complete equity management solution.
“Given the success of our commercial relationship with Shoobx and the increasing demand from private companies to support them as they scale and grow, including helping their employees manage their financial well-being, acquiring Shoobx was a natural next step in our relationship,” said Kevin Barry, head of Fidelity Workplace Investing, which oversees the stock plan business at the firm.
Hiring surge continues at Fidelity – hundreds of jobs are available
Growth continues
Fidelity continues to hire hundreds of workers in the Triangle, following multiple announcements that the firm would be adding jobs in the region in 2022 and in 2021.
“Together, we will accelerate the development of new and innovative solutions designed to help private companies confidently navigate the complex journey all the way through to an exit or IPO,” added Barry. Triangle firms that may consider an initial public offering include SAS and Spiffy, WRAL TechWire has previously reported (WRAL TechWire has not confirmed whether either company is or has previously been a client).
According to a statement, with its acquisition of Shoobx, Fidelity will now offer to its clients services and products which include:
- Full capitalization table capabilities
- Automated creation of “due diligence” documents
- Data modeling capabilities
- Stockholder and board management tools
- Equity compensation administration capabilities
- A suite of employee benefits, including wealth planning, family office services, health care, student debt repayment, charitable giving, and retirement savings programs
