With this acquisition, the Company will add advanced AI and digital transformation capabilities to its primary competencies, further strengthening its position in the rapidly-growing digital banking sector in the region
Devblock specialises in artificial intelligence, machine learning, blockchain, and cloud computing. (Credit: Gerd Altmann from Pixabay)
Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) today announced it has signed a Stock Purchase Agreement (“SPA”) to acquire 100% ownership of Devblock Technologies, Inc. (“Devblock”), accomplishing a major milestone in the Company’s broader strategy of becoming Southeast Asia’s first neobank for SMEs.
With this acquisition, the Company will add advanced AI and digital transformation capabilities to its primary competencies, further strengthening its position in the rapidly-growing digital banking sector in the region. The transaction is expected to be completed in Q2 FY2023. Post-closing, Deblock will be a wholly-owned subsidiary of the Company.
Based in Seattle, WA, Devblock is a leading technology platform and development company that specializes in artificial intelligence (AI), machine learning (ML), blockchain, and cloud computing. For over a decade, they have built core capabilities and technology to streamline cross-border software development. With a global team of well over 100 engineers based predominantly in the USA and Vietnam, Devblock has established itself as a leader in digital transformation with a proven track record of successful implementations with industry giants like Microsoft, Amazon, and eBay. Leveraging these best practices, the company is expected to maintain its outsize growth with plans of launching a cutting-edge digital banking platform that offers optimized customer experience with industry-leading security and innovation. The management team, including Co-Founders Benjamin Liu and James Sun, will continue to lead the business and attune its future direction to Vemanti’s long-term corporate objectives.
“This acquisition is part of the master-planned roadmap we have in place,” stated Tan Tran, CEO of Vemanti. “We remain unwavering with its execution. Devblock brings tremendous synergies, solid business fundamentals, and next-level technical capabilities that align with our overall corporate vision and mission. The transaction makes sense on many fronts for the two companies. It provides Vemanti with important building blocks to accelerate our neobanking strategy while allowing the Devblock team to fully deploy their expertise and knowledge through impactful digital financial solutions for millions of SMEs in Vietnam and Southeast Asia. We’re extremely thrilled to welcome James, Ben, and the entire Devblock team to our family.”
“We have great chemistry with Vemanti. We share similar forward-thinking perspectives on business and technology. We’re excited to be a part of Vemanti and look forward to developing game-changing financial products for our target clients,” said Benjamin Liu, Co-Founder of Devblock.
“Being part of Vemanti is a natural progression in our product strategy to build a borderless fintech platform in the long term,” added James Sun, Co-Founder of Devblock. “Vemanti gives us access to work with PVcomBank for the next 10 years and other important partners to disrupt the current banking and finance sector, applying our core strengths in AI, blockchain, and cloud services.”
With a team of top-notch engineering professionals who are experts in next-generation foundational technologies on board, the Company will immediately look to catapult the design, development and deployment of intelligent, embedded, and adaptive AI/ML-powered digital banking products tailored to meet the specific needs of each individual SME client. The fact that many Devblock employees are already situated in Southeast Asia highlights the strategic importance and alignment of this transaction. They will spearhead collaborative product development efforts onward with counterparts from PVcomBank and Finastra, both of whom the Company already has strategic multi-year agreements in place.
It is anticipated that the Company will continue to make acquisitions and form joint ventures to further expand its growth.
Source: Company Press Release