Robinhood Buys Say Technologies for $140 Million

The US-based trading platform Robinhood announced that it has signed an agreement to acquire Say Technologies for approximately $140 million in an all cash deal. 

The acquisition will give Robinhood access to Say's communication platform that helps company shareholders exercise their right to vote proxies and ask questions of management. As part of the Robinhood family, Say will keep offering its proxy voting services and Q&A platform to existing customers.

Robinhood noted in the official announcement that sharing the common goal of eliminating the barriers that keep people from participating in financial markets with Robinhood, Say has reimagined investor communications from the ground up, and their products have made it easier for millions of people to have a voice in the companies they invest in. Say's proxy processing technology helps broker-dealers give their customers seamless access to their vote, and its Q&A platform lets everyday shareholders participate in events like earnings by asking questions.

"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.

Fazzaco reported that recently Robinhood was sued by a citizen of Washington State​ named Cooper Moore for allegedly sending spam messages.