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Robinhood is buying Say Technologies for $140 million

The move into managing shareholder communications is a sign that the online broker wants to diversify.

Robinhood is acquiring Say Technologies for $140 million.

Robinhood is acquiring Say Technologies for $140 million.

Photo: Gabby Jones/Bloomberg via Getty Images

Robinhood is buying Say Technologies, which makes software to make it easier for shareholders to communicate with corporations, in a $140 million deal, the company said Monday.

Say, which is based in New York, offers proxy voting services and a platform where companies and their investors can connect.

"Everyone should have the same access to the financial markets as Wall Street insiders," Aparna Chennapragrada, Robinhood's chief product officer, said in a blog post. "We share a common goal of eliminating the barriers that keep people from participating in our financial system."

Shares of Robinhood slipped 3% in late morning trading. The company, which recently went public, currently depends heavily on transaction revenues, so adding other services might help it diversify.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

online brokeragerobinhoodsay technologiesacquisitions
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