Inventory buying and selling app Robinhood to amass Say Applied sciences for $140

Retail investing and buying and selling service app Robinhood (NASDAQ:HOOD) mentioned it could purchase Say Technologies for $140 million in an all-cash deal.

Based in 2017 by Alex Lebow, Jeff Cruttenden, Julio Fredes,  Noah Kerner, and Zachary Hascoe, Say Applied sciences is a expertise platform that empowers shareholders to entry their full possession rights. The New York-based startup counts a number of VCs, together with Level72 Ventures, as traders.

In a weblog publish, Aparna Chennapragrada, Chief Product Officer, Robinhood, mentioned:

“At Robinhood, we’re constructing merchandise to democratize finance for all. We make investing accessible: with schooling and knowledge, fractional shares, IPO Entry, and extra. With Say, we’re taking one other step ahead by making it simpler for on a regular basis traders to take part as homeowners. We’re excited to democratize shareholder entry as we maintain working to ship the cash app for the subsequent era.”

The acquisition is Robinhood’s first purchase after it went public in July this yr.

Chennapragrada additional added that like Robinhood, Say was constructed on the idea that everybody ought to have the identical entry to the monetary markets as Wall Road insiders.

“We share a typical purpose of eliminating the obstacles that maintain folks from taking part in our monetary system. Say has reimagined investor communications from the bottom up. Their merchandise have made it simpler for tens of millions of individuals to have a voice within the corporations they put money into,” she mentioned, including that Say’s proxy processing expertise helps broker-dealers give their prospects seamless entry to their vote. Its Q&A platform lets on a regular basis shareholders take part in occasions like earnings by asking and upvoting questions.”

The weblog acknowledged that the mixed entity would additional increase choices to traders within the type of new merchandise and experiences that democratize shareholder entry.

“We based Say to offer traders a greater solution to have interaction with the businesses they personal and to offer corporations instruments to know higher and entry their traders. As a part of the Robinhood household, we’ll be capable to additional our purpose of making a brand new ecosystem of possession and engagement to profit all traders and firms,” added Alex Lebow, Co-Founder & CEO of Say Applied sciences.