US electronic broker-dealer Liquidnet has sold an aggregate $250 million minority stake to private equity firms Summit Partners and Technology Crossover Ventures.
The New York-based company says the funds will be used to redeem a portion of the equity held by Liquidnet's early investors, other shareholders and employees. None of the funding will be used for capital or operating expenses.
The transaction would not involve any change of management or control.
Summit Partners and Technology Crossover Ventures will be given a seat each on Liquidnet's board of directors.