BALTIMORE, MD (March 18, 2019) — Allovue, Inc., an education finance technology company, today announced that it has acquired Equiday, Inc., an EdFinTech company based in the DC Metropolitan area. Allovue will incorporate Equiday’s funding-formula technology into their suite of solutions for improving resource equity in the K-12 education system. The terms of the deal were not disclosed.
Allovue supports districts and state departments of education in budgeting and managing financial resources through its product suite and strategic services, including research, training, and equity analysis. Equiday partners with districts to evaluate resource allocations, model funding scenarios, and transition districts to strategic budgeting approaches.
“Allovue and Equiday share a belief in the power of combining cutting-edge financial technology with education data,” said Allovue founder and Chief Executive Officer Jess Gartner. “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’s product, Allocate Pro, helps districts consider student and school data in determining funding distributions to schools. The tool complements Allovue’s product suite, designed to facilitate a variety of allocation and budget strategies, including zero-based budgeting, weighted-student funding, and priority-based budgeting.
The acquisition comes at a time when districts and states are preparing to comply with the new fiscal reporting regulations under the Every Student Succeeds Act (ESSA) by taking a closer look at school-level allocations and spending.
“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” said Equiday founder and Chief Executive Officer Justin Dayhoff. “This will offer an unparalleled opportunity for districts to align budgets to strategic goals that best serve students.”
Justin Dayhoff and Equiday’s Chief of Marketing and Sales, Megan Rainbow, will join the Allovue team.
ABOUT ALLOVUE Allovue provides innovative education finance technology solutions to educators nationwide to help them budget, manage, and evaluate school spending. The Company also provides districts with supplemental services including funding equity analysis, diagnostic surveys, and financial management training. Allovue’s flagship product, Balance, is an online software platform designed to help K-12 administrators access, understand, and control their financial data.