Fidelity’s clients will be able to draft automated ‘due diligence’ reports. Credit: Austin Distel on Unsplash.

Financial services firm Fidelity Investments has reached an agreement to buy Shoobx, which provides private outfits with automated equity management solutions and financing software.

Shoobx caters to private companies during various stages of their growth, such as launching an initial public offering (IPO).

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Through the latest deal, whose value has not been divulged, Fidelity hopes to offer improved services to its private and public company clients across the globe.

It will also allow Fidelity to provide companies with comprehensive capitalisation table offerings to handle equity ownership and market capitalisation.

Besides, the firm’s clients can draft automated ‘due diligence’ reports in addition to gaining access to data room for safely store and share confidential business data, among others.

Following the deal, Shoobx will become part of Fidelity’s Stock Plan Services business that offers equity compensation plan recordkeeping along with administration services.

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Part of Fidelity’s Workplace Investing unit, Stock Plan Services is said to serve around 700 firms with 2.5 million plan participants.

Fidelity workplace investing head Kevin Barry said: “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.”

In 2021, Fidelity forged a strategic alliance with Shoobx to jointly deliver equity management tools to the private market sector.

Last month, Fidelity announced that it had submitted trademark applications to foray into metaverse.