The deal values Benzinga at $300 million, Luke Jacobi, Benzinga’s senior vice president of revenue, told Crain’s in an email. The deal aims to allow Benzinga to expand coverage of financial markets content, expand into new forms of media and grow its B2B partnerships, according to a press release.
“Benzinga has just entered the second leg of what we will be building. Partnering with Beringer dramatically accelerates the timeline to realize our ambitions of what we can deliver to investors globally,” said Jason Raznick, Founder and CEO of Benzinga, in the statement. “I call myself the co-founder of Benzinga because I truly believe that Benzinga is co-founded every day by our incredible team of Zingers who are empowered and encouraged to build every day.
The statement said Raznick will retain a “significant” stake in Benzinga and continue to play a leading role in the company.
“We are 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, President and Managing Partner of Beringer Capital. “To date, Benzinga has done an outstanding job of differentiating its offerings and creating a vibrant and engaged community across its various platforms. We look forward to continuing on this impressive trajectory, working closely with its team on exciting new offerings that enable more investors to take control of their financial future.”
Founded in 2010, Benzinga aims to position itself as a financial media outlet for private and individual investors. The company claims to have more than 100 employees and more than 25 million monthly readers, according to the release.
Benzinga was advised in the transaction by Canaccord Genuity Group Inc.
Beringer, which has offices in Toronto and New York, has a history of investing in media. Earlier this year, the company acquired real estate industry news outlet Inman News and previously acquired advertising industry publication Adweek.
