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Fidelity said its purchase of Shoobx is a sign of its commitment to the private market “and will help to satisfy an increasing demand Fidelity sees from private companies to support them as they scale and grow.” Shoobx will be folded into Fidelity’s Stock Plan Services business, which provides equity compensation plan recordkeeping and administration services to nearly 700 companies with 2.5m plan participants, totaling over $250b in plan value.
On its website, Shoobx notes that it has been called “Carta on steroids” because its “capabilities rocket past what Carta can provide.” Meanwhile, Carta Crunchbase data indicates that Carta has raised $1.1 billion to date, including a massive $500 million round raised in August 2021, led by Silver Lake. At that time, the company was valued around $7.4 billion, per the same data source. So while we don’t know how much Shoobx was worth at the time of this acquisition, it’s safe to say that its valuation is likely less than that of Carta’s based on how much it has raised over time.
