It’s been less than two weeks since retail trading company Robinhood had its public launch, but the firm clearly isn’t wasting any time: in a $140 million all-cash deal, Robinhood has acquired fintech startup Say Technologies.
It’s no surprise that Robinhood would see a good match in Say. Since its inception in 2017, Say has been built around connecting retail investors and shareholders to the tools they need to interact with their investments, providing a communications platform for proxy voting and attending earnings calls and meetings. Say’s platform was used most notably in recent years during earnings calls for Tesla Motors.
This obviously gels with Robinhood’s stated mission of breaking down market barriers for non-traditional investors. In a blog post announcing the acquisition, Robinhood announced their excitement to mutually “find new ways to expand what it means to be an investor through new products and experiences that democratize shareholder access.” As Say’s communication software is included in the deal, it is expected that Robinhood will incorporate it into their own public trading toolkit for investors.
Although Robinhood’s IPO was somewhat lackluster, this acquisition has been greeted by a significant rally, with shares up more than half since early August.