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Siris, a leading private equity firm targeting service companies that support critical technology infrastructure, today announced the signing of a definitive agreement to sell Equiniti ("Equiniti" or "the company"), a leading global transfer agent and provider of mission-critical shareholder services, to Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. Under the terms of the agreement, Bullish will acquire Equiniti in an all-stock transaction valued at $4.2 billion. Additional details regarding the transaction will be provided by Bullish.
Siris first acquired Equiniti in 2021 and combined it with AST, its U.S. counterpart, to create a scaled global transfer agent and shareholder services platform. Under Siris' ownership, Equiniti underwent a substantial transformation, including a strengthened and simplified portfolio of high-quality assets, strategic enhancements to the leadership team and increased operational efficiency. Through the implementation of these strategic initiatives, Equiniti has experienced meaningful market share gains and EBITDA growth and today serves as the regulated transfer agent and system of record for nearly 3,000 public companies.
This transaction will combine Bullish's blockchain-native market infrastructure – spanning exchange, liquidity, clearing, and custody services – with Equiniti's scaled transfer agent platform, creating the global transfer agent for tokenized securities and the first fully integrated blockchain‑enabled issuer services provider.
As capital markets move to the blockchain with tokenized securities, this combination addresses a foundational gap in market infrastructure – the absence of a transfer agent built for the blockchain. The combination benefits the ecosystem. Issuers will receive real-time cap table visibility, automated corporate actions, broader investor access, and lower costs. Investors receive 24/7 trading, instant settlement, and frictionless asset movement.
"When Siris invested in Equiniti, we identified a scaled, high-quality infrastructure platform with deep client relationships and significant untapped potential and partnered closely with Dan and his team to strengthen the business and prepare it for its next phase of growth. Under our ownership, we more than tripled Equiniti's EBITDA, reflecting the strength of the business and the significant value created over that period," said Frank Baker, Co-Founder and Managing Partner of Siris. "This outcome reflects our strategy of backing tech-enabled services businesses at the center of market transformation. Tokenization represents one of the most significant shifts in market infrastructure since the advent of electronic trading, and we are confident that Bullish is exceptionally well positioned to build on Equiniti's strength and capture the meaningful growth opportunities ahead."
"With Siris' support, Equiniti has strengthened its position as a leading global provider of shareholder, regulatory and communications technology," said Dan Kramer, Chief Executive Officer of Equiniti. "Siris has been an exceptional partner, and together we have enhanced our services and delivered for our clients. We are proud of our team and the position we have commanded as a global leader in shareholder services, and we look forward to building on this momentum in our next chapter."
The transaction is expected to close in January 2027, subject to required regulatory approvals and other customary closing conditions. Following transaction close, Equiniti will operate under the Bullish umbrella alongside Bullish Exchange and CoinDesk. Evercore, FT Partners, Wells Fargo and LionTree Advisors served as financial advisors and Sidley Austin LLP served as legal advisor to Siris on the transaction.
About Siris
Siris is a leading private equity firm focused on control investments in North American middle-market services companies that support critical technology infrastructure underpinned by secular tailwinds, such as artificial intelligence, cybersecurity and digital transformation. Based in West Palm Beach, Florida, the firm has invested approximately $9 billion since its inception as of December 31, 2025.
For more information, visit www.siris.com.
About Equiniti
Equiniti delivers trusted data, intelligent insight, and seamless administration across the full equity ownership lifecycle. We help issuers, investors, and employees navigate complexity, strengthen market engagement, and achieve better outcomes through technology-powered solutions backed by expert service. Our 5,000+ global associates support more than 12,000 organizations and over 20 million shareholders worldwide.
Media Contact:
Dana Gorman / Mallory Griffin
H/Advisors Abernathy
dana.gorman@h-advisors.global / mallory.griffin@h-advisors.global
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Sentences containing words such as "believe," "intend," "plan," "may," "expect," "should," "could," "anticipate," "estimate," "predict," "project," or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements and include, without limitation, statements relating to future events or future financial or operating performance, business strategy, and potential market opportunity. Such forward-looking statements are based upon estimates and assumptions are inherently uncertain and are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause results to differ from those expressed in our forward-looking statements include, but are not limited, to our ability to grow our business and operations, including in new geographic locations, the costs or expenditures associated therewith, competition in our industry, and the evolving rules and regulations applicable to digital assets. You should not place undue reliance on any such forward-looking statements, which speak only as of the date they are made, and Siris undertakes no duty to update these forward-looking statements. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. Past performance is not indicative or guarantee for future results.
