Robinhood Buys Say Technologies, It’s First Acquisition as a Public Company

Robinhood has made its first acquisition since its IPO. The trading platform announced that it is all set to acquire Say Technologies in a $140 million cash deal. 

The deal was announced through a blog post published by Robinhood’s Chief Product Officer, Aparna Chennapragrada. However, the exact date of when the deal will be closed was not mentioned. 

The news comes just under two weeks after the trading application went public on July 30. 

Soon after the announcement, Robinhood’s stock plummeted by around 1% to 56.20. 

SEE ALSO: Hootsuite Acquires AI Tech Firm Heyday for CA $60 Million

More about the acquisition

Say Technologies offers an end-to-end communication solution that aims to allow shareholders to participate in proxy voting. Investors can scan through documents, vote, ask questions to the management, and also provide feedback on Say’s platform. 

According to Chennapragrada, Say has reshaped investor communications and simplified how investors communicate with companies they invest in. She further said that just like Robinhood, Say was developed on the common belief that everyone should have the same level of access to the financial markets.

Both the companies shared a common goal of getting rid of hurdles that prevent people from getting involved with the financial system. 

Alex Lebow, CEO, and co-founder, Say Technologies said that Say was primarily built to enable investors to engage with businesses they are investing in. Besides, it also helps companies understand their investors. 

This acquisition will allow both companies to build an ecosystem of engagement and ownership to benefit companies and investors.

Why Robinhood and Say fit together?

Both the companies strongly believe that they are a perfect fit for each other. While Robinhood has a vast user pool of retail investors, Say brings in the technology that connects retail investors to the companies they partly own. 

With the combination of Robinhood’s extensive database and Say’s expertise in communication, the move will allow the trading platform to provide an improved shareholder experience. 

This move will also allow Robinhood to change the face of retail investing. 

More about Say Technologies

Say Technologies provides tools that simplify investor communication. It closely works with broker-dealers to make public companies more accessible to shareholders. 

Thus far, the New York-based company has raised $8 million in funding.   

SEE ALSO: Microsoft Acquires CloudKnox to Improve It’s Multi-cloud Capabilities

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Karandeep V

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency. At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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