- SRAX sells remaining MD ownership stake for $8 million
- MD sale allows SRAX to focus on rapid growth of Sequire platform
- Sequire unlocks big data investor insights for public companies
- Sequire revenue grew 29% year-over-year for Q2 2020, user base doubled to one million users during Q3 2020
SRAX (NASDAQ: SRAX), a financial technology company that unlocks data and insights for publicly traded companies through Sequire, its SaaS platform, has recently sold its remaining stake in its MD healthcare vertical for $8 million.
SRAX’s final divestment in MD represents the latest in a series of strategic moves that are further solidifying SRAX’s position in the investment industry. Along with spinning off its proprietary data-based BIGtoken platform into its own private company, SRAX has also acquired LD Micro, a leading data and event company serving the small and micro-cap space that provides exclusive information on micro-cap North American stocks.
“Our Sequire platform is rapidly growing and we are focused on the continued expansion of this business,” said SRAX founder and CEO Christopher Miglino (https://ibn.fm/0vwNh). “We believe that selling the MD ownership stake at this time reinforces our goal of being 100% focused on providing our platform and services to public companies. This capital will be effective in helping us accelerate growth. This asset currently sits on our balance sheet with a zero basis, so this capital will go directly to improving our balance sheet. This transaction combined with moving Bigtoken to its own public company brings clarity to our mission going forward.”
Sequire’s suite of tools allows public companies to unlock the power of investor data through warrant tracking, survey creation, events and roadshows, and customer relationship/resource management (“CRM”). Since its creation in 2019, the platform has grown rapidly, doubling its user base to over one million investors and traders across 91 public companies in just two months (https://ibn.fm/wv6L7) in addition to posting Q2 earnings that showed a 29% increase in year-over-year revenue. The acquisition of LD Micro is expected to further accelerate the adoption of Sequire, paving a new road forward for both companies.
“The platform is an absolute game-changer for public companies and their shareholders,” said LD Micro founder Chris Lahiji in recent statements (https://ibn.fm/ACfcV). “Both companies believe that one day executives will rely on Sequire the same way investors rely on Bloomberg.”
SRAX is on the Russell Microcap(R) Index in addition to being invited to the board of the Interactive Advertising Bureau (“IAB”) Data Policy Board. Through the creation of specialized tools that reveal core consumers and their characteristics, SRAX continues to leverage the growing demand for quantifiable and detailed consumer data across a wide range of industries.
For more information, visit the company’s website at www.SRAX.com.
NOTE TO INVESTORS: The latest news and updates relating to SRAX are available in the company’s newsroom at http://ibn.fm/SRAX
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