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- Wealth management company Prestige Wealth (NASDAQ:PWM) said on Friday it has entered into an agreement to buy AI driven wealth management company Wealth AI for $4.5M.
- Prestige Wealth has entered into an agreement to buy all shares of SPW Global which in turn owns Wealth AI.
- Out of the $4.5M purchase price, the company will pay $3M in cash and the remaining $1.5M in shares.
- Prestige Wealth (PWM) shares were up about 80.3% in after-hours trading.
- Wealth AI’s key employees will be retained and continue to be employed after the closing of the transaction which is expected in the fourth quarter of 2024.
- The acquisition will aim to strengthen PWM’s technology in the Artificial Intelligence space to provide AI-driven wealth management solutions to its customers.
