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2023-03-09 13:31:00

GoLogiq's GammaRey Merger Paves Way for Two Potential Major FinTech Acquisitions with Aggregate Assets Under Management Exceeding $10 Billion

GoLogiq's GammaRey Merger Paves Way for Two Potential Major FinTech Acquisitions with Aggregate Assets Under Management Exceeding $10 Billion

GammaRey brought to GoLogiq a profitable business with strong cash flow driven by an estimated $20 million annualized revenue run rate, plus nearly $800 million in customer financial assets. Moreover, it introduced a pipeline of highly attractive accretive and/or tech-enabling acquisition targets. "Now with our merger with GammaRey complete, our expanded team has now turned its focus on additional complementary acquisitions in the pipeline," stated GoLogiq interim CEO, Brent Suen. "Due to GammaRey now being part of GoLogiq as a public company, it is now in a better position to pursue two existing M&A targets which collectively have more than $10 billion in client assets under management and two decades of business success. Successful M&A transactions with these two prospects would further enhance our competitive strength while providing accretive earnings on a combined basis." GoLogiq's expanded platform addresses the high-growth market of wealth management for Generation Z and Millennials. This new generation of wealth-builders represents the sharing economy that prefer digital banking solutions, such as virtual payments, online lending and point-based loyalty programs. GoLogiq also recently announced it entered into a definitive $30 million merger agreement with Nest Egg, which is soon to launch a new simplified retirement investing app. The app offers a streamlined AI-powered solution for discovering, planning, and automating retirement savings, including investment products and services offered by Nest Egg's FINRA-licensed broker dealer. "We anticipate Nest Egg to not only enhance our value proposition for potential Generation Z and Millennial customers," continued Suen, "but also for these two complementary acquisition targets we are pursuing. We can see Nest Egg's technology platform having a tremendous positive impact on their growth and global market opportunities." GoLogiq also recently reported that it has begun the process of applying to list on a senior U.S. stock exchange. The listing would be subject to approval based on several factors, including satisfaction of minimum listing requirements. The company believes it meets the quantitative requirements, including net shareholder equity and market capitalization.

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