Rockville-based edfintech startup Equiday acquired by Allovue

One of Technical.ly DC’s realLIST 2019 honorees is merging with another company after about a year in business.

Equiday, a Rockville, Md.-based edtech startup that created a SaaS solution to help district finance leaders model student-driven funding formulas, has been acquired by Baltimore, Md.-based edfintech startup Allovue. Terms of the deal were not disclosed.

Did you hear the news? Allovue and Equiday are joining forces in a singular mission to help districts spend money on the things that really matter. Read more about our exciting news here https://t.co/Cw8aJTI8oE and welcome again, Equiday!

— Allovue (@AllovueBalance) March 18, 2019

Equiday’s funding formula technology will be added to Allovue’s suite of budgeting and management tools for K-12 education administrators. Allovue recently raised a $4 million Series A-2 round and identified expansion of budgeting tools as an area of focus, our sister site Technical.ly Baltimore reported.

“Allovue and Equiday share a belief in the power of combining cutting-edge financial technology with education data,” Allovue founder and CEO Jess Gartner said in a statement. “The acquisition of Equiday is a natural extension of Allovue’s growth strategy — rooted in our commitment to helping districts improve resource equity and realize strategic priorities for students.”

Equiday was founded in 2018 by Justin Dayhoff to provide K-12 school district business offices with software and support that makes resource allocation less burdensome and more equitable, a press release states. The company’s flagship product is its SaaS solution called AllocatePro, a financial modeling tool for K-12 education administrators.

“Allovue is a natural home for Equiday. Together, we can improve the district budgeting process in its entirety — from strategic planning at district offices to transparent resource management at the school-level” Dayhoff said in a statement. “This will offer an unparalleled opportunity for districts to align budgets to strategic goals that best serve students.”

Dayoff and Equiday’s CMO Megan Rainbow will join the Allovue team.