Investment giant Fidelity has hardly been resting on its laurels over the last few years. With nearly $12 trillion in assets under management, the company is one of the largest asset management firms in the world. That being said, those closely following the company have noted that there has been a lengthy gap in Fidelity’s acquisitions, with no companies being acquired since wealthtech software company eMoney Advisor in 2015.
As of the beginning of 2023, however, Fidelity’s break from major acquisitions has come to an end. According to a press release put out by the company, Fidelity has reached an agreement to acquire automated equity management operations software provider Shoobx for an undisclosed amount. The company went on to suggest that this purchase reflects a renewed dedication to developing equity plan services for private organizations.
“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 Fidelity’s Head of Workplace Investing, Kevin Barry, in the press release.