American City Business Journals has acquired majority ownership of BizEquity, a provider of cloud-based business valuation tools and private business data.
As part of the transaction, ACBJ will make a significant capital investment in BizEquity to accelerate its growth, according to a ACBJ news release.
BizEquity's patented software-as-a-service platform helps business owners value their businesses in real time, the release says. More than 625 financial institutions and 2,500 wealth advisors use BizEquity, headquartered in Philadelphia, to prospect for clients and engage with business owners to help them understand critical business valuation information, the release says.
“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.”
Terms of the agreement were not disclosed.
ACBJ owns 40 business publications online and in print across the country. ACBJ is headquartered in Charlotte, North Carolina, and is part of Advance, a private, family-owned business.