BizEquity, the fintech company headquartered in Wayne, has been sold to American City Business Journals for an undisclosed amount, writes Jeff Blumenthal for the Philadelphia Business Journal.
ACBJ, a parent company of the PBJ, has announced plans to make a significant capital investment into the newly acquired company to accelerate its growth.
BizEquity was formed eight years ago by CEO Michael Carter. It offers a patented software-as-a-service platform that helps owners value their companies in real time. BizEquity is used by more than 625 financial institutions and 2,500 wealth advisers.
“Democratizing business valuation knowledge to the more than 31 million private businesses in North America has been our mission from Day One,” said Carter. “With ACBJ’s coast-to-coast footprint and large audience of business owners, we will be able to accelerate that mission.”
Following the acquisition, Carter will become head of ACBJ’s newly-instituted information services group.
Whitney Shaw, CEO of ACBJ, said the acquisition will allow the company to expand on its primary service of offering breaking business news to its users.
“Through BizEquity, we can enhance our core offering by giving additional, valuable information and insights to businesses of all sizes and to the professionals who serve them,” he said.
Read more about the sale at the Philadelphia Business Journal here.