DETROIT – Benzinga CEO Jason Raznick announced Monday that Beringer Capital purchased a majority stake in the financial news service he created in his basement in 2010. He also said in his announcement that Benzinga now has a market value of $300 million, although he did not disclose the terms of the deal.
Raznick has since built Benzinga to be the resource 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.
Jason Raznick
“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 Raznick, 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 everyday.”
Beringer Capital said 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.
“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,” said 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.”
Working closely together, Benzinga and Beringer Capital will seek 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 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.
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 company 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.
