American City Business Journals ("ACBJ") today announced it has acquired majority ownership of BizEquity, the leading provider of cloud-based business valuation tools and private business data.
As part of the transaction, ACBJ, the nation's largest publisher of local business information, will make a significant capital investment in BizEquity to accelerate its growth.
BizEquity's patented software-as-a-service platform helps business owners value their businesses in real time. More than 625 financial institutions and 2,500 wealth advisors use BizEquity to prospect for clients and engage with business owners to help them understand critical business valuation information.
"Our business journals are trusted sources of information in 43 U.S. cities," said Whitney Shaw, ACBJ CEO. "Historically, our primary service has been providing breaking local business news to people in those markets. We remain committed to that important service. 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. We're excited that BizEquity has joined the ACBJ family and look forward to growing the business together."
"Democratizing business valuation knowledge to the more than 31 million private businesses in North America has been our mission from day one," said Michael Carter, CEO and co-founder of BizEquity. "With ACBJ's coast-to-coast footprint and large audience of business owners, we will be able to accelerate that mission. No information is more critical to a business owner's future than knowing what his or her business is worth. BizEquity unlocks that information. We look forward to continued innovation and market leadership as part of ACBJ."
Financial terms of the agreement have not been disclosed.
Raymond James was the financial adviser to BizEquity on the transaction.