Robinhood, the stock trading platform that went public in late July, announced that it will acquire Say Technologies, making its first post-IPO acquisition.
According to PitchBook data, Say Technologies was worth $28 million on a post-money basis following the approximately $140 million all-cash deal. The company, which was acquired at a price of 5 times its valuation, also enabled its investor Point72 Ventures to exit with 5X.
Founded in 2017 by Alex Lebow, Jeff Cruttenden, Julio Fredes, Noah Kerner and Zachary Hascoe, Say Technologies raised $8 million in 2018.
“As part of the Robinhood family, Say will keep offering its proxy voting services and Q&A platform to existing customers. Together, we’ll find new ways to expand what it means to be an investor through new products and experiences that democratize shareholder access,” Robinhood said in a blog post.
Serving as a communication platform that focuses on the investment world, Say Technologies offers stakeholders a proxy voting and Q&A platform. Investors can vote, view documents, ask questions to management and provide feedback using Say Technologies’ solutions.
“We founded Say to give investors a better way to engage with the companies they own, and to give companies tools to better understand 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.” said Alex Lebow, Co-Founder & CEO of Say Technologies.