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- MEMX
MEMX Acquisition, Valuation, Funding & Investors
MEMX was acquired by TMX Group for $800M in July 2026, a 2.9x multiple on $280M of revenue.
MEMX revenue at acquisition
$280M
Last twelve months · Jul 2026
MEMX revenue multiple at acquisition
2.9x
EV/Revenue · Jul 2026
MEMX EBITDA multiple at acquisition
6.0x
EV/EBITDA · Jul 2026
MEMX Overview
About MEMX
MEMX (Members Exchange) is a member-owned national securities exchange offering a lower-cost trading alternative to Nasdaq and the NYSE. It was founded by a group of major financial institutions, including BlackRock, Charles Schwab, Citadel, Goldman Sachs, Bank of America, JPMorgan, E-Trade, and Virtu, and launched in September 2020, beginning with seven large-cap securities before expanding to all exchange-traded securities. Within six months of launch it had captured over 1% of U.S. market share, growing to more than 4% of consolidated trading volume within 16 months.
Founded
2000
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$280M (Jul 2026)
Valuation
$800M (acquired Jul 2026)
MEMX Acquisition
MEMX was acquired by TMX Group for $800M on 29 July 2026.
The acquisition price implies a 2.9x revenue and 6.0x EBITDA multiple on $280M of revenue.
Before the acquisition MEMX had raised $65M across 1 funding round.
TMX Group announced a strategic combination of MEMX and BOX into the new MEMX Group, with TMX contributing approximately USD 800 million in cash plus its existing BOX stake and rolling its investment alongside other MEMX and BOX participants. The transaction implies an enterprise value of approximately USD 2.3 billion and leaves TMX with about a 59% voting and economic interest in the combined exchange group. The strategic rationale is to create a consolidated U.S. exchange operator with three exchange licenses, including one expected to launch in 2026, an equities exchange, and a market technology business. The combined platform is described as representing about 10% of U.S. listed options volume, and the deal structure includes equity rollovers from key market participants and a new financial partner. MEMX and BOX generated combined 2025 revenue of approximately USD 280 million and adjusted EBITDA of approximately USD 134 million. The combined company’s business mix includes exchange operations and technology services, with operational support provided to other market centers. The announcement indicates that the transaction is a strategic investment and combination rather than a full cash-out acquisition.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 29 Jul 2026 | Strategic M&A | $800M | 2.9x | 6.0x |
MEMX Funding History
MEMX has raised a total of $65M across 1 funding round.
MEMX funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2020 | Undisclosed stage | Flow Traders; Goldman Sachs; BlackRock; JPMorgan Chase; Jane Street; Manikay Partners; Wells Fargo | $65M | MEMX (Members Exchange) is a technology-driven, member-owned national securities exchange founded by major financial institutions to provide a lower-cost alternative to Nasdaq and the NYSE. The exchange launched in Q4 2020 (September 2020) and was backed by prominent investors including Blackrock, Charles Schwab, Citadel, Goldman Sachs, Bank of America, JP Morgan, E-Trade, and Virtu, who collectively invested over $135 million into the platform. The exchange began trading with just 7 large-cap securities including Alphabet and Exxon Mobil before expanding to all exchange-traded securities. Within 6 months of launch, MEMX captured over 1% of U.S. market share, and within 16 months it had grown to over 4% market share of consolidated trading volume. The exchange differentiated itself through aggressive pricing, initially providing data free of charge and offering rebates that exceeded transaction fees. MEMX focused on eliminating fee-based barriers to connectivity for members, bearing 100% of connectivity costs until January 2022 when it began charging $2,000 per month for physical connections in its primary data center and $3,000 per month for secondary data center connections. |
Who has invested in MEMX?
7 investors have backed MEMX across its funding rounds, including Goldman Sachs, BlackRock, JPMorgan Chase, Wells Fargo, Jane Street and Flow Traders.
MEMX Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | May 2020 | ||
| 1 | Participant | May 2020 | ||
| 1 | Participant | May 2020 | ||
| 1 | Participant | May 2020 | ||
| 1 | Participant | May 2020 | ||
This data is available for Pro users. Sign up to see all 7 MEMX investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialMEMX Competitors
MEMX competitors include listed companies like Docebo and Alef Education, and private ones like Amplify Education, Classplus, Getcourse.ru and LEAD.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $781M | - | ||
| Private | $28M | - | $600M | 21.4x | ||
| Private | - | - | $600M | - | ||
| Publicly listed | $243M | $26M | $594M | 2.4x | ||
| Private | - | - | $1.1B | - | ||
| Publicly listed | $210M | $150M | $1.9B | 7.8x |
MEMX Public Comps
MEMX is no longer listed, but its public comps include American Public Education, Docebo, Vitec Software, Jiangsu Chuanzhiboke, Gaotu Techedu, Shenzhen Fangzhi Science, Afya, D2L, NIIT Learning Systems and Qibu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $649M | $64M | 1.1x | 1.1x | 11.6x | 7.8x | |||
| $243M | $26M | 2.6x | 2.4x | 24.8x | 12.3x | |||
| $371M | $151M | 3.7x | 3.5x | 9.1x | 9.0x | |||
| $57M | ($7M) | 8.9x | 6.3x | (67.8x) | - | |||
| $917M | ($38M) | 0.2x | 0.2x | (4.3x) | (33.7x) | |||
| $14M | $3M | 28.2x | - | 118.5x | - | |||
| $719M | $289M | 2.3x | 2.2x | 5.6x | 5.0x | |||
| $217M | $17M | 1.3x | 1.2x | 16.7x | 8.3x | |||
This data is available for Pro users. Sign up to see all MEMX competitors and their valuation data. Start Free Trial | ||||||||
Common questions about MEMX
| When was MEMX founded? | MEMX was founded in 2000. |
| Where is MEMX headquartered? | MEMX is headquartered in United States. |
| Is MEMX publicly listed? | No, MEMX was acquired by TMX Group in July 2026. |
| Who acquired MEMX? | MEMX was acquired by TMX Group in July 2026. |
| How much was MEMX acquired for? | MEMX was acquired for $800M in July 2026, a 2.9x revenue multiple. |
| How much funding has MEMX raised? | MEMX has raised $65M across 1 funding round. |
| What was MEMX's last funding round? | MEMX's last funding round was a $65M undisclosed-stage round in May 2020. |
| Who are MEMX's investors? | MEMX's investors include Flow Traders, Goldman Sachs, BlackRock, JPMorgan Chase, Jane Street, Manikay Partners and Wells Fargo. |
| Which companies are comparable to MEMX? | Companies comparable to MEMX include Amplify Education, Classplus, Getcourse.ru, Docebo, LEAD and Alef Education. |
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