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- Wealth management company Prestige Wealth (NASDAQ:PWM) said on Friday it had entered into an agreement to acquire artificial intelligence-based wealth management company Wealth AI for $4.5 million.
- Prestige Wealth has entered into an agreement to purchase all shares of SPW Global which in turn owns Wealth AI.
- Of the $4.5 million purchase price, the company will pay $3 million in cash and the remaining $1.5 million in stock.
- Prestige Wealth (PWM) shares were up by about 80.3% in trading outside stock exchange hours.
- Key Wealth AI employees will be retained and will remain employed following the closing of the transaction, which is expected in the fourth quarter of 2024.
- The aim of the acquisition will be to strengthen PWM’s technology in the area of artificial intelligence in order to be able to offer clients AI-based wealth management solutions.
