Canadian private equity firm Beringer Capital has acquired a majority stake in Benzinga, a Detroit-based technology-enabled financial media platform that delivers news, investment analytics and market information. No financial terms were disclosed. Canaccord Genuity advised Benzinga on the deal.
TORONTO – October 25, 2021 – Beringer Capital (“Beringer”), a leading North American private equity firm specializing in the media, marketing services, and technology sectors, is proud to announce it has acquired a majority stake in Benzinga. Created by the people for the people, Benzinga is a tech-enabled financial media platform that delivers dynamic news, investment analytics, and market information. The partnership between Beringer and Benzinga validates and will accelerate Benzinga’s mission to level the playing field for individual investors.
Benzinga was born out of the Great Recession in 2010. Founder Jason Raznick has since built Benzinga to be the resource most widely used by individual investors, integrated into every major online brokerage and recognized as an indispensable resource for best-in-class content, data, events and information. Its staff of more than 100 delivers timely and actionable insights to nearly 25 million readers each month—spanning more than 125 countries worldwide—and organizes industry conferences to connect individual investors with public companies.
Beringer Capital’s acquisition of Benzinga reflects its deep media sector expertise, as well as its investment philosophy of partnering with robust founder-led companies that are focused on augmenting digital transformation efforts. Its team was particularly impressed by Benzinga’s authentic voice, which seeks to bring investors highly digestible, understandable, and timely information; as well as its broad yet expert editorial coverage that spans traditional financial markets, politics, biotech, cannabis, cryptocurrencies, sports betting and more. This transaction comes on the heels of a year in which Benzinga parlayed broader investment trends—including a growing interest in stock trading and alternative assets such as cryptocurrency—into record subscriber numbers.
Working closely together, Benzinga and Beringer Capital will seek to deliver unparalleled value while helping to grow the platform’s subscriber and user base further still. These efforts will include deeper content vertical coverage, new forms of media, expanded B2B partnerships, continuous UX/UI improvements, and more.
“Benzinga is just entering the second inning of what we will build. Partnership with Beringer drastically accelerates the timeline to realize our ambitions of what we can provide investors globally,” said Jason Raznick, founder and CEO of Benzinga, who will retain a significant stake in the company and continue to play a key leadership role in charting Benzinga’s future growth and vision. “I call myself the co-founder of Benzinga because I truly believe Benzinga is co-founded everyday by our amazing team of Zingers who are empowered and encouraged to build every day.”
“Benzinga was built by being honest and genuine with our users. We are excited to step forward not only hand in hand with Beringer, but also our users,” said Benzinga’s SVP of revenue Luke Jacobi.
“We’re thrilled to partner with Jason and the team at Benzinga, a company at the forefront of trends affecting the next generation of investors,” added Perry Miele, chair and managing partner at Beringer Capital. “To date, Benzinga has done a remarkable job of differentiating its offerings and building a vibrant, engaged community across its various platforms. We’re looking forward to building on this impressive trajectory, collaborating closely with its team on exciting new offerings that empower more investors to take control of their financial futures.”
Beringer Capital has a strong track record of partnering with companies in the digital media space, helping them to adapt and thrive amid a rapidly changing business landscape. Earlier this year the firm announced its acquisition of Inman News, a foremost source of news and insights for the real estate industry. In 2016, Beringer acquired leading media and events company Adweek, helping to diversify its product offerings and drive significant growth.
Benzinga was advised in the transaction by Canaccord Genuity. Terms of the deal were not disclosed.
About Beringer Capital:
Beringer Capital is a private equity firm specializing in the rapidly evolving media, marketing services, commerce, data and technology sectors. The firm leverages its financial and intellectual capital to invest in middle-market companies that are strongly positioned to benefit from the accelerating trend toward digital transformation. Beringer’s collaborative approach, as well as its strong track record with add-on acquisitions, helps visionary leadership teams to deliver exceptional customer experience and achieve impressive results.
Beringer Capital has offices in Toronto and New York. For more information, visit www.beringercapital.com
Benzinga is a dynamic and innovative financial media outlet that empowers investors with high-quality, unique content that is sought after by Wall Street’s top traders. Benzinga provides timely, actionable ideas that help users navigate even the most uncertain and volatile markets – in real-time with an unmatched caliber. Benzinga’s flagship product is Benzinga Pro, a renowned real-time stock market information source providing intelligence that, until recently, was only available to institutional investors. Investors depend on Benzinga Pro everyday to power their investment decisions, understand why markets are moving and share ideas with a dedicated community.