Robinhood completed its first acquisition as a public company by overtaking startup Say Technologies. The deal amounted to $140 million.
Say Technologies provides a set of API tools that are embedded in applications and websites of brokers and public companies. Thanks to the technology, any investor can vote online at shareholder meetings and ask questions to the top management of companies.
Robinhood representatives say that the company wants to make the stock market even more accessible to private investors with the help of its technology. However, Robinhood certainly has another goal — to increase user engagement with its app.
On August 11, Robinhood traded at $54 p/share, which is 40% above the IPO price.
Clients of Global Technologies Private Portfolio fund purchased the company’s shares in July 2020 for a pre-IPO at a price of $13.8. Their current return is 290%.
The lock-up period for Robinhood shares will last until early December (or early November at a certain share price).