Acquisitions / Education / Startups

Rockville-based edfintech startup Equiday acquired by Allovue

The Maryland startups are joining forces to bring financial technology to the budgeting process for K-12 school districts.

Equiday founder and CEO, Justin Dayhoff speaking at an education finance conference. (Courtesy photo)

One of 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.

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 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.

Companies: Allovue

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