May 18, 2021: Philadelphia-based InQuinion, a small information-technology company, announced on Thursday it is acquiring the stock trading platform TraderSlate in a $1.8 million deal, marking a major budge in the industry.
The deal is funded with approximately 1.5 million of the private company’s legal membership units, equating to close to $2 million. InQuinion’s membership unit value jumped over 8 percent according to private holders following the announcement.
STOK-Mate is TraderSlate’s closest competitor in terms of revenue and overall user impressions. InQuinion’s Chief Executive Officer will step in as CEO of TraderSlate. Daniel Oswald, TraderSlate’s founder, will become an advisor under a 2-year contract at InQuinion to manage the integration of the company.
TraderSlate, based outside of Raleigh, North Carolina, was founded in 2012. In 2020, it reported statutory revenue of over $625,000, close to a 25% increase from the previous two years.
”We have long admired TraderSlate’s business model and general user outreach, and, like InQuinion, it has been built around major brands in attractive, specialist B2C markets in the growing regions of North America and Southeast Asia,” said InQuinion CEO David Gow.
InQuinion has plans to rapidly merge the operations of the two companies with a full integration targeted for January 2022.
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