Say Technologies

Say Technologies is a venture capital startup that, according to Crunchbase, raised $8 million in 2018. The PitchBook data show that at that time the company was worth $28 million, which means that the company's sponsors were able to return their investments in approximately 5 times.

History

2021: Robinhood bought Say Technologies for $140 million

In early August 2021 American , the investment service trade Robinhood announced the acquisition of a platform developer to communicate minority shareholders with the management of Say Technologies for $140 million.

The deal is notable for the fact that this is the first major purchase of Robinhood since the public offering of its shares at the end of July 2021. In addition, this deal clearly demonstrates the directions of the future work of Robinhood, because when the company becomes public, it becomes easier for it to buy other companies.

Robinhood, in which Yuri Milner invested, acquired Say Technologies for $140 million

Say Technologies has created a communications platform that allows even small shareholders to ask questions to the management of the company whose shares they buy. The service also helps to vote at shareholder meetings with the help of proxies, and companies are able to answer investor questions. Robinhood works just with such retail investors. By combining its database with Say Technologies communications technologies, Robinhood can increase its competitiveness and attract new users.

Robinhood noted that both services have the same mission - to help private investors gain access to the financial market. As Bloomberg notes, usually the votes of small investors do not have much weight, and few of them vote. But sometimes this is necessary, for example, when in July 2021 Lucid Motors entered the exchange by merging with a special company Churchill Capital Corp IV. For the transaction to take place, investor approval was required, and the company had to turn to them on social networks and through Reddit.^[1]

Notes