On To The Next | 03/14/2023 |
We previously reported that GoLogiq, Inc. (OTC: GOLQ), a global provider of mobile fintech solutions for digital transformation and consumer data analytics, planned to join forces with GammaRey, a privately-held fintech ecosystem for the New World Digital Economy, in a merger valued at $320 million based on per share pricing of $3.00. Now that the merger is complete, the company is setting its sights on something even bigger.
Merging with GammaRey proved to be a wise decision as it has 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.
This merger now allows the company to focus on expanding its platform even more and pursuing two major fintech acquisition targets. The targets collectively have more than $10 billion in assets under management that are managed by more than 200 financial advisors.
Like we reported previously, Fintech companies merge with the end goal of scaling and growing into a bigger and more resilient company. 2022 was an important year for the Fintech sector considering $76.8 billion was invested across 3,447 deals in only the first half of the year, according to data from FinTech Global.
“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 interim CEO, Brent Suen, explained.
In addition to the merger with GammaRey, GoLogiq also recently entered into a definitive $30 million merger agreement with Nest Egg, which is soon to launch a new simplified retirement investing app. Suen believes that this specific deal will enhance the company’s value proposition for potential Generation Z and Millennial customers.
About GoLogiq, Inc.:
GoLogiq, Inc. provides mobile solutions for digital transformation and financial inclusion in Southeast Asia and emerging markets. Its software platforms include CreateApp, a mobile app development and publishing platform for small business; AtozGo, a hyper-local app-based delivery system for ordering and fulfillment needs of residential and office towers; and AtozPay, an eWallet for mobile top-up, e-commerce purchases, bill payment, and microfinance in Indonesia.
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