Nasdaq exchange to open office in Austin
Feb 7, 2014
Austin Business Journal
The Nasdaq OMX plans to open its first Texas office in Austin later this month
The New York-based company that operates the well-known stock exchange that has been traditionally technology-centric. plans to open the business office on Feb. 28 to meet growing demand for corporate solutions products and services.
The office, near the intersection of Loop 360 and Bee Caves Road, will employ about 30 sales workers, said Cris Farrell, Nasdaq vice president and head of sales for U.S. West corporate solutions
“We think there’s a huge growth opportunity there,” she said. “We also have a lot of customers we work with in Austin.”
Unlike the public exchange listings service, Nasdaq’s solutions business provides companies with services such as investor relations, public relations and corporate governance and compliance. More than 1,300 customers in the Texas region already use those services, Farrell said
Nasdaq’s strategy of moving into Austin puts the company closer to early-stage ventures as likely candidates for initial public offerings while also maintaining relations with existing Nasdaq listers such as HomeAway Inc. (Nasdaq: AWAY) and RetailMeNot Inc. (Nasdaq: SALE), said Bob Smith, the principal of Austin-based Bridgepoint Consulting LLC.
“They’re going to put offices where they think they’ll be closer to potential customers,” he said
Nasdaq OMX’s corporate client group in Texas is the fourth-largest U.S. market for its listings business. The state is home to 138 companies listed on the Nasdaq, including 23 based in Austin, representing a combined total market value of $242 billion, according to Nasdaq Stock Market data