Deutsche’s DWS Acquires 15% Stake in Neo to Strengthen Middle East Presenceby Fintechnews Middle East 7. November 2018
DWS Group a subsidiary of Deutsche Asset Management entered into a binding agreement to acquire 15% stake in Neo Technologies, a fintech firm operating in the digital asset management space within the MENA region.
Neo Technologies operates a platform-as-as-service model for the financial services industry to allow them to rapidly introduce digital asset management solution to their end clients.
Built as a white-label solution, the company provides an integrated front, middle and back office that is designed according to local regulatory requirements and language.
Notably, working with NBK Capital, Neo Technologies was responsible in launching Kuwait’s first digital investment service known as NBK Capital Smart Wealth.
Through this acquisition, a strategic partnership will also be formed whereby DWS and Neo Technologies will collaborate on the development and expansion of digital asset management services throughout the region.
Commenting on the acquisition, Founder, Neo Technologies said,
“In the near future, platforms with specialized multi-tenant service providers will herald a new era of solutions for the financial services industry. That is why we at Neo Technologies are thrilled to welcome DWS and their capabilities to the platform”.
DWS’s Board Member, Thorsten Michalik added that their stake in NEO will enable them to strengthen their presence in MENA.
The sum of the acquisition is undisclosed as the parties agreed to maintain confidentiality on the price of the transaction and further financial details. Closing of the transaction is expected for year-end 2018.