Prestige Wealth Completes Dual Acquisitions of InnoSphere Tech and Tokyo Bay
Deal News | Dec 18, 2024 | Globenewswire
On December 16, 2024, Prestige Wealth Inc., a Hong Kong-based provider of wealth and asset management services, finalized the acquisition of InnoSphere Tech Inc. and Tokyo Bay Management Inc. Both target companies are incorporated under the laws of the British Virgin Islands. InnoSphere Tech specializes in advanced web scraping technology and data accumulation for the financial sector, enabling it to develop sophisticated models tailored for wealth management. Tokyo Bay Management, headquartered in Tokyo, Japan, boasts a rich network of premium clients and offers comprehensive wealth and lifestyle management services. These acquisitions enhance Prestige Wealth's capabilities in technology-driven solutions and expand its client resources, particularly in Japan. Prestige Wealth, known for catering to high-net-worth and ultra-high-net-worth individuals across Asia, continues to strengthen its market position through strategic acquisitions that align with its expansion goals.
Sectors
- Wealth Management
- Technology
Geography
- Hong Kong – Prestige Wealth Inc. is based in Hong Kong, driving its business operations and expansion strategy.
- Japan – Tokyo Bay Management is headquartered in Tokyo, Japan, reflecting a strategic geographical expansion into the Japanese market.
- British Virgin Islands – Both InnoSphere Tech and Tokyo Bay Management are incorporated under the laws of the British Virgin Islands, indicating a favorable jurisdiction for incorporation.
Industry
- Wealth Management – Prestige Wealth Inc. provides wealth management services, focusing on high-net-worth clients, which is central to its business and the acquired companies' offerings.
- Technology – The acquisition of InnoSphere Tech underscores an expansion into data-driven technology solutions, particularly its expertise in web-scraping and financial data processing.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Prestige Wealth Inc. | Acquirer | Company | A Hong Kong-based wealth and asset management services provider. |
| InnoSphere Tech Inc. | Target Company | Company | A technology company specializing in web scraping and data processing for the financial industry. |
| Tokyo Bay Management Inc. | Target Company | Company | A Japanese company providing wealth management and lifestyle services to high-net-worth clients. |