Commission-free trading and investing company Robinhood is planning to acquire investor relations platform Say Technologies.
Less than a month after the company’s IPO, Robinhood said it is set to purchase Say in an $140 million all-cash deal.
Say, which was founded in 2017, has a platform that gives investors the option to submit and vote on questions that can be asked during annual meetings, earnings calls and other events. Shareholders also have access to proxy-voting and polling services.
After the sale, existing Say customers will continue to have access to the company’s proxy-voting services and Q&A platform. Robinhood reportedly intends to launch other products after the deal, as well.
This acquisition follows other efforts by Robinhood to attract retail investors. Even as part of its IPO, the company reserved between 20% and 35% of its IPO shares for retail investors.
Robinhood went public in late July, initially floating shares at $38, months after it was at the center of the Wall Street vs. Reddit controversy.