NYSE Euronext buys minority stake in ACE Group Inc
NYSE Euronext acquired a minority stake in ACE Group Inc. No financial terms were disclosed. NYSE Euronext is owned by the New York Stock Exchange while ACE Group Inc is a firm that provides a private platform for firms to sell securities like stocks and bonds.
ACE is also a startup that has a portal for broker-dealers to post and manage the sales of their securities. ACE's portal allows investors to look for securities that are up for sale. It was established in 2010. The broker-dealers that trade on the ACE Group platform are registered with the US Securities and Exchange Commission. The New York times reported yesterday that ACE would use the proceeds to develop its services and double its workforce.
NYSE Euronext Head of Global Listings Scott Cutler lauded the startup's innovative platform. "ACE has taken a unique approach to improving the market for private placements and our goal is to make the private placement process more transparent, efficient and auditable for issuers, investors and placement agents," he said in a statement.
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