Press Release
Forge Acquires IRA Services to Provide Enhanced Custody Services
SAN FRANCISCO - As more startups stay private longer, the secondary market will become crowded with private-equity marketplaces that tout their ability to provide liquidity to their customers. However, while there are several players in the secondarymarket space, there’s only one company that provides market-leading services that range from providing liquidity to offering transparent custodial services — that company is Forge. In fact, Forge has taken an unprecedented approach to support the private market and will revolutionize how investors, institutions, companies, and shareholders unlock liquidity. Shortly after announcing its rebrand, and the expansion of its Series B funding to $85 million, the firm is proud to announce that it has acquired IRA Services (pending regulatory approval). The acquisition of IRA Services will enhance Forge’s ability to serve private-market investors by providing transparent, efficient, and secure custody solutions. As a result of this alliance, Forge will now be able to provide investors with an integrated investing experience who want to hold assets with an independent third-party custodian.
Forge Adds Safe, Secure, Custody to its Market-leading Capabilities
Today private companies and institutional investors need a partner who offers comprehensive services — including asset management, access to trading and investment opportunities in the private market, and a custody solution. IRA Services was the natural choice to be that custody solution. The company has built a solid reputation over the last 40 years as one of the leading providers of custody and administrative services for individual investors, financial advisors, asset sponsors, and financial institutions.
Additionally, IRA Services’ capabilities seamlessly fit into Forge’s mission, which is to serve the on-going liquidity needs of the private market economy by forging new connections through its technology, data, and a global set of relationships. Since its inception in 2014, Forge has delivered on that mission and has emerged as the leading liquidity-solution provider for companies and shareholders, and secondary marketplace for institutions and investors that want access to pre-IPO companies. With the acquisition of IRA Services, Forge can better serve the on-going liquidity needs of the private market economy by empowering companies, investors, and institutions with liquidity, and providing safe, secure, transparent custodial services.
“Recognizing that the private markets seed innovation, our mission is to serve the ongoing liquidity needs of the private-market economy,” said Forge CEO Kelly Rodriques. “In joining with IRA Services, Forge will expand its ability to meet the needs of private-market investors by providing an integrated custodial solution that allows them to seamlessly and securely invest in a wide range of innovation companies.”
What Lies Ahead for Forge
Existing IRA Services customers will not see a disruption in service, and IRA Services will continue to be the custodian of their assets. “Investors across asset classes want the ease, transparency, and security provided by a seamless investing experience from trading through to settlement to custody,” said Pat Hughes, President of IRA Services. “In bringing together Forge and IRA Services, we look to deliver an unparalleled end-to-end investing experience for private markets investors.” IRA Services customers will also value having efficient access to the private equity market that has become the core of Forge’s existing business.
Learn how Forge is partnering with companies, institutions, and investors to help them take control of their financial future.
About Forge Global, Inc.
Forge Global Inc. is a premier trading, settlement, and custody partner for a wide range of investors in the private markets. Established in 2014 as Equidate Inc., the company empowers investors and shareholders by enabling liquidity in the private markets and has completed more than $2.6B in transaction volume since inception. Forge was founded by Y Combinator alumni and backed by top investors including Tim Draper, Peter Thiel, FT Partners, and Munich Re. Forge's platform allows employees and investors in privately held innovation firms to liquidate a portion of their shares and provides private and institutional investors access to top companies before their IPOs.