GoLogiq, Inc., a U.S.-based global provider of fintech and consumer data analytics, has entered into a non-binding letter of intent to acquire Australian-based Shape Super Australia Pty Ltd (Shape), a prominent manager and administrator of self-managed super funds (SMSFs).

The acquisition will expand the services offered by the company’s subsidiary, GENFI Financial Group, and enable its accountants and advisors to take greater advantage of the specialist management and administration services offered by Shape.

Shape currently administers more than 1,500 SMSFs and is on track to increase this number to more than 2,000 by year end. Shape’s assets under administration presently total more than AU$1.6 billion, which is anticipated to grow to more than AU$2.0 billion by year end, depending primarily on movements in asset valuations.

Now in its fifth year of operation, the Shape team collectively possesses more than a century of experience in finance, wealth management and accounting. They provide the full spectrum of SMSF administration, including financial reporting, bookkeeping, tax accounting and audit facilitation, as required by the superannuation regulations that govern SMSFs in Australia.

Shape serves three primary market sectors: accountants (outsourced B2B service model), financial advisors (recommended/referred as a provider of choice), and SMSF trustees directly (sophisticated, self-directed investors).

The acquisition of Shape will supplement the benefits that GoLogiq expects its Australian financial services group provides by delivering a more homogeneous approach to services offered, thereby resulting in more optimal outcomes for clients.

“We look forward to working with the Shape team to integrate their business-to-business SMSF services into our fintech ecosystem,” stated GoLogiq interim CEO Brent Suen. “The management team has shown themselves to be experts in helping accountants and financial advisers with SMSF services.”

“These new SMSF-related service capabilities allow us to leverage and expand our resources and capabilities to accountants, qualified investors and self-managed super funds in Australia,” added Suen. “We believe our growing Fintech ecosystem can help Shape expand their reach and exceed their objectives.”

Under the terms of the letter of intent, GoLogiq will acquire 100% of Shape and engage in a management agreement with senior executive staff to ensure a continuity of management and service delivery. Final terms of the proposed acquisition are currently being negotiated, and it is envisaged that the transaction will incorporate a consideration mostly comprised of GoLogiq common shares. The transaction is expected to close in the second quarter of 2023.

While GoLogiq expects the transaction to be completed as anticipated, a definitive agreement has yet to be signed and no assurances can be given it will be executed or the transaction will be completed as described. When such a definitive agreement would be mutually signed, the details would be made available in a Form 8-K to be filed with U.S. Securities and Exchange Commission on www.sec.gov as well as on the investor section of GoLogiq’s website.