GoLogiq to Acquire Boutique Investment Manager, Bateau Asset Management, Providing Entry to Southeast Asian Fund Management Market

Rhea-AI Summary

GoLogiq (OTC:GOLQ) has entered a non-binding letter of intent to acquire Bateau Asset Management, enhancing its foothold in Southeast Asia. Bateau, an investment manager established in 2016, serves high-net-worth individuals and institutions and has a strong advisory presence in Australia and Singapore. The all-stock transaction is valued at $24 million, with expected closure in Q2 2023. This acquisition follows GoLogiq's recent purchase of GammaRey, which contributed significant revenue and client assets. The company is also pursuing a listing on a senior U.S. stock exchange, bolstering its market credibility.

Positive

• Acquisition of Bateau expands GoLogiq's presence in Southeast Asia, targeting dynamic investment markets.
• Bateau offers complementary research and advisory capabilities to GoLogiq's fintech platform.
• Transaction value of $24 million indicates a significant investment in growth.
• Following the acquisition of GammaRey, this move reinforces GoLogiq's strong revenue potential.
• GoLogiq's intent to list on a senior U.S. stock exchange could enhance visibility and investor confidence.

Negative

• The letter of intent is non-binding and a definitive agreement has yet to be signed, introducing uncertainty.
• Closing of the Bateau acquisition is subject to conditions and cannot be assured.

Bateau Asset Management brings to GoLogiq:

• Well-established global client base of high-net-worth individuals, family offices, non-profit organizations and other institutional clients.
• Four global investment funds.
• Highly experienced global client services team based in Australia and Singapore.
• Research and advisory capabilities complementary to GoLogiq’s Fintech platform.

NEW YORK, March 28, 2023 (GLOBE NEWSWIRE) -- GoLogiq, Inc. (OTC:GOLQ), a U.S.-based global provider of fintech and consumer data analytics, has entered into a non-binding letter of intent to acquire a controlling interest in Australia-based Bateau Asset Management, a boutique global investment manager.

The acquisition would further expand GoLogiq’s presence into Southeast Asia, complementing its planned acquisition of Sydney-based CPG Research & Advisory and its existing North American fintech platform.

Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and education with the objective of providing clients rigorously constructed, absolute return portfolios that they can understand.

The company serves a range of clients, from high net worth individuals and family offices to non-profit organizations and other institutions. It maintains an experienced advisory team based in Perth and Singapore which is supported by a robust compliance and corporate governance team with a strong client service ethos.

“Bateau provides GoLogiq with a transformational opportunity to significantly expand our position in one of the world’s most dynamic investment markets and strengthen our focus on meeting the increasingly complex capital needs of clients around the world,” stated GoLogiq interim CEO, Brent Suen. “Bateau’s professionals share with GoLogiq deep experience and skills, flexibility and innovative thinking, along with culture of investment excellence focused on delivering long-term value for its stakeholders.”

Stuart Haley, managing director at Bateau, commented: “GoLogiq offers Bateau an optimal partnership for growing our business and investing in complementary adjacent strategies that would leverage GoLogiq’s considerable expertise and distribution capabilities within the U.S. We look forward to working closely with our new partners, drawing on our new collective strengths, as we expand together into new strategies and complementary products across geographies.”

Under the terms of the transaction, GoLogiq will acquire 100% of Bateau in an all-stock transaction. GoLogiq would issue common shares to Bateau shareholders valued at US$24 million. The parties anticipate the acquisition to close in the second quarter of 2023.  

Bateau follows GoLogiq’s recent acquisition of GammaRey, which brought to GoLogiq a profitable business driven by an estimated $20 million annualized revenue run rate and nearly $800 million in customer financial assets. It also introduced a pipeline of accretive and/or tech-enabling acquisition targets, including CPG Research & Advisory.

GoLogiq also 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 reporting, governance and quantitative requirements, including net shareholder equity and market capitalization.

While GoLogiq expects the Bateau transaction to be completed as anticipated, a definitive agreement has yet to be signed and no assurances can be given it will be executed or the transaction will be completed as described.

When such a definitive agreement would be mutually signed, the details would be made available in a Form 8-K to be filed with U.S. Securities and Exchange Commission on www.sec.gov as well as on the investor section of GoLogiq’s website.

About Bateau Asset Management
Bateau Asset Management is a boutique investment manager founded in 2016 based in Australia with offices in Singapore. The company follows an absolute-return investment philosophy and a multi-manager approach to investing. To learn more, go to www.bateauam.com.au.

About GoLogiq
GoLogiq Inc. is a US-based global provider of fintech and mobile solutions for digital transformation and consumer data analytics. Its software platforms are comprised of CreateApp, a mobile app development and publishing platform for small-to-medium sized businesses; AtozGo™, a ‘hyper-local’ app-based delivery platform; AtozPay™, an eWallet for mobile top-up, e-commerce purchases, bill payment and microfinance; and Radix™, a Big Data analytics platform. Visit the company at gologiq.com or follow on twitter: $GOLQ and @gologiq.

Important Cautions Reading Forward-Looking Statements
This press release contains certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This press release also contains forward‐looking statements and forward‐looking information within the meaning of United States securities legislation that relate to GoLogiq’s current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be forward‐looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward‐looking statements. No assurance can be given that these expectations will prove to be correct and such forward‐looking statements included in this press release should not be unduly relied upon.

These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond GoLogiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, our ability to apply to and meet the listing standards and approvals for Nasdaq, NYSE, or other senior exchange, our ability to successfully locate and consummate any contemplated strategic transactions, our ability to successfully complete a merger or acquisition with Bateau Asset Management Pty Ltd, CPG Research & Advisory Pty Ltd, Nest Egg Investments, or other entity, any approval of the merger or acquisition with Nest Egg Investments or other entity by the Financial Industry Regulatory Authority (FINRA), any regulatory approval required of Nest Egg Investment’s subsidiary BeyondTrade Securities, Inc.’s pending name change to Nest Egg Securities, Inc., the structure of any such transaction, timing of such transaction, and the valuation of the businesses after completion of any such transaction, if any, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings. The Nest Egg Investment transaction discussed herein is subject to mutual deliveries and other closing conditions, and this transaction has not closed as of the date of this press release.

GoLogiq undertakes no obligation to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for GoLogiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward‐looking statement. Any forward‐looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

GoLogiq Contact:
Brent Suen
Interim CEO
GoLogiq, Inc.
Email Contact

GoLogiq Investor Relations:
Ron Both
CMA Investor Relations
Tel (949) 432-7566
Email contact

GoLogiq Media & ESG Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email contact

FAQ

What is the purpose of GoLogiq's acquisition of Bateau Asset Management?

The acquisition aims to expand GoLogiq's footprint in Southeast Asia and enhance its fintech platform with Bateau's investment expertise.

What is the transaction value for the Bateau acquisition?

The acquisition is valued at $24 million and will be executed in an all-stock transaction.

When is GoLogiq expected to close the acquisition of Bateau?

The acquisition is anticipated to close in the second quarter of 2023, although it is subject to conditions.

What strategic advantages does Bateau provide to GoLogiq?

Bateau brings a well-established global client base, experienced advisory teams, and complementary research capabilities.

How does GoLogiq's recent acquisition of GammaRey relate to the Bateau acquisition?

The acquisition of GammaRey has already enhanced GoLogiq's revenue and client asset base, making the Bateau acquisition a strategic next step for growth.