GoLogiq Inc announced on Thursday that it has advanced to late-stage discussions and has signed a non-binding letter of intent (LOI) with a Nasdaq-listed company for a planned business combination.
GoLogiq didn’t disclose the name of the company.
In March, the US-based global provider of fintech and consumer data analytics acquired GammaRey, providing GoLogiq with what it called a profitable business with strong cash flow driven by an estimated $20 million annualized revenue run rate and nearly $800 million in customer financial assets.
The company added that GammaRey also has a pipeline of “highly attractive” accretive and/or tech-enabling acquisition targets, five of which having now been announced and are in various stages of negotiation and closing.
“We are confident that we’ve established a company with a solid foundation of assets, both financial and human, and with an exciting growth strategy to be executed over the next year and beyond,” GoLogiq interim CEO Brent Suen stated at the time.
Suen added that he expects GoLogiq to have about $15 billion in customer financial assets under advisement or management, while targeting a top line revenue number exceeding $100 million and profitability.
GoLogiq was spun off from Logiq Inc. (NEO:LGIQ.AQN, OTCQX:LGIQ) last year.
The company’s 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.
Contact Sean at sean@proactiveinvestors.com