Brokerage app company Robinhood announced that it acquired the investment communications firm Say Technologies for a $140 million all-cash deal, according to a Tuesday release.
Say Technologies is a 2017 communications startup that aims to bolster shareholder engagement in the companies they invested in. Say gives broker-dealers the technology to better process proxy statements, which involve information from companies to shareholders so the latter may make better-informed decisions when voting on company processes. In addition, Say lets shareholders actively participate in company earnings and other events through a Q&A platform.
“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 and CEO of Say Technologies, in a statement.
The move comes shortly after Robinhood's stock market debut on July 29. The stock's first day of trade was a rough one, though the value of of $HOOD has since risen from those lows. At press time, Robinhood was trading at $54.84.