Beringer Capital announced today it has acquired a majority stake in Benzinga, a tech-enabled finance media company in Detroit that delivers financial news, investment analytics, and market information. Terms of the deal were not disclosed.
Beringer Capital is a leading North American private equity firm specializing in the media, marketing services, and technology sectors with offices in Toronto and New York City. The companies hope the partnership will validate and accelerate Benzinga’s mission to level the playing field for individual investors.
“Benzinga is just entering the second inning of what we will build. (The) partnership with Beringer drastically accelerates the timeline to realize our ambitions of what we can provide investors globally,” says 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 future growth and vision.
Raznick founded the company in 2010 because of the Great Recession. The company has since expanded to be a resource widely used by individual investors, integrated into every major online brokerage. Benzinga officials state its content is read by nearly 25 million people each month in more than 125 countries.
The companies plan to grow Benzinga’s subscriber and user base by offering deeper content vertical coverage, new forms of media, expanded business-to-business partnerships, continuous UX/UI improvements, and more.
“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,” says Perry Miele, chair and managing partner at Beringer.
Beringer recently acquired Inman News, and purchased Adweek — a leading media and events company — in 2016, which it helped diversify product offerings and drive significant growth.
“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,” says Luke Jacobi, Benzinga’s senior vice president of revenue.