Prestige Wealth Inc. Announces Acquisition of Wealth AI, an AI-Driven Wealth Management Solution Provider

Core Viewpoint - Prestige Wealth Inc. has announced the acquisition of SPW Global Inc. for a total purchase price of US$4,500,000, which will enhance its technology capabilities in the artificial intelligence sector and support the development of AI-driven wealth management solutions for clients [1]. Group 1: Acquisition Details - The acquisition agreement was signed on August 20, 2024, with a total purchase price of US$4,500,000, consisting of US$3 million in cash and US$1.5 million in shares [1]. - The share component includes 1,900,000 class A ordinary shares and 500,000 class B ordinary shares to be issued to the seller and key employees of Wealth AI [1]. - Key employees of Wealth AI will be retained post-acquisition, and the agreement includes non-competition and non-solicitation covenants for three years [1]. Group 2: Company Background - Prestige Wealth Inc. is a wealth management and asset management services provider based in Hong Kong, focusing on high-net-worth and ultra-high-net-worth clients in Asia [2]. - The company offers customized wealth management products and tailored value-added services, along with discretionary account management and asset management-related advisory services [2]. Group 3: Wealth AI Overview - Wealth AI, based in Singapore, provides personalized and cost-effective wealth management solutions utilizing artificial intelligence [3]. - Founded in 2022 by AI experts from leading technology companies, Wealth AI aims to leverage the transformative potential of AI in the wealth management sector [3].