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.