Retail investing and trading service app Robinhood (NASDAQ:HOOD) said it would acquire Say Technologies for $140 million in an all-cash deal.
Founded in 2017 by Alex Lebow, Jeff Cruttenden, Julio Fredes, Noah Kerner, and Zachary Hascoe, Say Technologies is a technology platform that empowers shareholders to access their full ownership rights. The New York-based startup counts several VCs, including Point72 Ventures, as investors.
In a blog post, Aparna Chennapragrada, Chief Product Officer, Robinhood, said:
“At Robinhood, we’re building products to democratize finance for all. We make investing accessible: with education and information, fractional shares, IPO Access, and more. With Say, we are taking another step forward by making it easier for everyday investors to participate as owners. We’re excited to democratize shareholder access as we keep working to deliver the money app for the next generation.”
The acquisition is Robinhood’s first buy after it went public in July this year.
Chennapragrada further added that like Robinhood, Say was built on the belief that everyone should have the same access to the financial markets as Wall Street insiders.
“We share a common goal of eliminating the barriers that keep people from participating in our financial system. Say has reimagined investor communications from the ground up. Their products have made it easier for millions of people to have a voice in the companies they invest in,” she said, adding that Say’s proxy processing technology helps broker-dealers give their customers seamless access to their vote. Its Q&A platform lets everyday shareholders participate in events like earnings by asking and upvoting questions.”
The blog stated that the combined entity would further expand offerings to investors in the form of new products and experiences that democratize shareholder access.
“We founded Say to give investors a better way to engage with the companies they own and to give companies tools to understand better and access their investors. As part of the Robinhood family, we’ll be able to further our goal of creating a new ecosystem of ownership and engagement to benefit all investors and companies,” added Alex Lebow, Co-Founder & CEO of Say Technologies.