Venture Capital - Thursday, February 24, 2005
VCs Buy Stake in Liquidnet from Management for $250M
It goes without saying that a quarter of a billion dollars might be the biggest single venture investment this year - it is in fact the largest private equity investment in a financial services or financial technology company in history. However, to be fair this is not a traditional VC investment. Liquidnet is an electronic marketplace for institutional block trading. And this deal is a very late stage, cash for insider stock transaction. None of the funding will be used for capital or operating expenses. What we believe happened is that Liquidnet's investors and management anticipate that they can get a higher valuation on Wall Street if they are patient. However, management is getting impatient to upgrade their mansions and yachts, so they are hedging and taking cash now, while remaining private. Given that Liquidnet is reportedly valued at $1.8B, the senior managers still should have hefty stores of stock and options leftover for another big payday. The a:c pats ourselves on the back for our prognosis for Liquidnet last November - "Slam dunk. No more subways for these guys. Taking on the Big Board with technology innovation is like taking candy from a baby."
Read - Shhh. Liquidnet Is Trading Stocks in Huge Blocks (NYTimes)
Read - Liquidnet Profile (The a:c)
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As for the Giants, their own happiness was short-lived as they lost to - who else?
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Edmonton dominated the Carolina Hurricanes on Saturday night and the 4-0 margin in Game 6 makes it hard to imagine the Oilers not hoisting hockey's Holy Grail above their heads in less than 48 hours. And it would not come as any shock to see defenseman Chris Pronger, who had another 31-minute night, take the honors for the Conn Smythe Trophy as the playoff MVP.
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Edmonton dominated the Carolina Hurricanes on Saturday night and the 4-0 margin in Game 6 makes it hard to imagine the Oilers not hoisting hockey's Holy Grail above their heads in less than 48 hours. And it would not come as any shock to see defenseman Chris Pronger, who had another 31-minute night, take the honors for the Conn Smythe Trophy as the playoff MVP.
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