SAPPHIRE VENTURES PURCHASES EQUITY STAKE IN IEX
IEX looks to tap Sapphire Ventures' global expertise, capabilities and network
May 12, 2015 (New York, NY) – IEX, a fair, simple and transparent equities marketplace, today announces that Sapphire Ventures has purchased an undisclosed minority stake in IEX. An independent venture capital firm with a unique relationship to enterprise technology leader SAP SE, Sapphire Ventures will leverage its global network, capabilities and expertise to help IEX fuel sustained growth.
"We are excited to add Sapphire Ventures to our strategic consortium of shareholders,” said Brad Katsuyama, CEO and Co-founder of IEX. “The firm’s vast network of institutional partners and relationships can help open doors for us as we prepare to seek regulatory approval to become a national stock exchange, and beyond."
Investment lead David Hartwig, Managing Partner of Sapphire Ventures, said, “Sapphire Ventures looks to partner with expansion-stage technology companies that are at the forefront of innovation and have the potential to become worldwide leaders. IEX fits the bill without question. As the company pursues registration as a national stock exchange, we are excited about the opportunity to tap into our vast enterprise network and unique relationships with SAP to further build upon IEX’s early success.”
Launched in October 2013, IEX is the fourth largest Alternative Trading System (out of approximately 40) in the United States. In April 2015 IEX set single day records of 1.317% of market share and 182.9 million shares of matched volume, representing 263% and 112% increases, respectively, over 12 months.
The transaction closed April 16, 2015.
IEX is the first equity trading venue seeded by a consortium of buy-side investors, including mutual funds, hedge funds, and family offices. Their unique ownership consortium represents a cross-section of traditional investors who are all dedicated to a fair and balanced market that works for all participants. IEX operates a fair-access platform for any qualified broker dealer, and was built on the principle of investor protection, delivered through its proprietary anti-colocation architecture and simplified pricing and rule set. IEX was featured in the best-selling book, Flash Boys, written by Michael Lewis.
About Sapphire Ventures
Sapphire Ventures is focused on helping today’s most innovative technology companies become global category-defining leaders. Leveraging nearly two decades of experience and an extensive global enterprise network, Sapphire Ventures invests capital, resources and expertise to enable its portfolio companies to scale rapidly. Whether entrepreneurs sell to businesses, consumers or both, Sapphire Ventures offers a powerful platform for business development and operational excellence to help them accelerate growth. With $1.4 billion under active management via direct growth investments and an early-stage fund investment strategy, Sapphire Ventures is uniquely positioned to elevate companies to the global stage. Find us in Palo Alto and London and at www.sapphireventures.com. View Sapphire Ventures’ complete investment portfolio here. Follow us @sapphirevc.