Vemanti to Acquire Devblock, Adding AI and Digital Transformation Capabilities to Bolster Its Neobanking Strategy in SE Asia
Vemanti Group (OTCQB: VMNT) announced a significant milestone with the signing of a Stock Purchase Agreement to acquire Devblock Technologies, achieving 100% ownership. This strategic acquisition is aimed at enhancing Vemanti's capabilities in the differentiated digital banking sector in Southeast Asia, specifically targeting SMEs. Devblock, based in Seattle, specializes in AI, machine learning, and blockchain technologies, and has established a strong track record with major industry players like Microsoft and Amazon. The deal, set for completion in Q2 FY2023, aligns with Vemanti's vision of becoming a leading neobank in the region, leveraging Devblock's expertise to accelerate its neobanking strategy.
- Acquisition strengthens Vemanti's position in the digital banking sector.
- Devblock's expertise in AI and digital transformation enhances Vemanti's capabilities.
- Expected synergies from the integration to accelerate neobanking strategy.
- Strategic alignment with existing partnerships like PVcomBank and Finastra.
- None.
IRVINE, Calif., April 25, 2023 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” “Vemanti Group” or the “Company”) (OTCQB: VMNT) today announced it has signed a Stock Purchase Agreement (“SPA”) to acquire
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.
About Vemanti
Vemanti Group, Inc. (OTCQB: VMNT) is a financial technology (fintech) company that seeks to establish a strong foothold in the emerging and high-growth markets of Southeast Asia through impact-driven financial services targeting the underserved. With Vietnam as the focal starting point, its goal is to be a valuable financial partner for the SMEs throughout Southeast Asia, helping their business become borderless and together shaping the region into a global economic powerhouse of growing supply chains and manufacturing. To learn more about Vemanti, visit vemanti.com.
About Devblock
Devblock Technologies, Inc is a leading global technology company that specializes in the design, development, delivery, and deployment of custom solutions for enterprise clients. Their core competencies are AI, ML, blockchain, Web3, and cloud computing. For over a decade, they have built capabilities to streamline cross-border software development. Devblock helps companies digitally transform their businesses to improve operational efficiency, drive revenue growth, and improve the customer experience. Their list of clients includes industry giants such as Amazon, eBay, Microsoft and many others. For more information, visit devblock.io.
About PVcomBank
Vietnam Public Joint Stock Commercial Bank (PVcomBank) was founded on September 16, 2013, as a corporate amalgamation between PetroVietnam Finance Joint Stock Corporation (PVFC) and Western Joint Stock Commercial Bank (WesternBank). On October 1, 2013, PVcomBank officially operated with a charter capital of 9,000 billion VND and total assets of more than 100,000 billion VND, equivalent to 390M USD & 4.4B USD. Up to now, PVcomBank has developed a strong network of nearly 110 transaction offices in 28 provinces and cities nationwide with nearly 4,700 employees and total assets of more than 200,000 billion VND. With the mission "Bank with no boundary", PVcomBank has been constantly developing the product ecosystem, improving service quality on all transaction channels, meeting the diverse and increasing needs of different corporate and individual customer segments. Being one of the pioneer banks in digitalization, PVcomBank incessantly updates and applies modern technology to promote Digital banking with outstanding advantages. Preeminent financial solutions in the digital space not only help customers get closer to PVcomBank, but also blur the gap between dreams and reality. Without barriers of space, time or geographical distance, customers can quickly achieve their goals in certain stage of life and enjoy flexible convenient experiences from modern products with professional, friendly and dedicated services. We were named as one of the Top 500 Fastest Growing Enterprises in Vietnam (FAST500) by the Vietnam Report JSC and the VietNamNet e-newspaper on March 10, 2021. To learn more about PVcomBank, visit https://www.pvcombank.com.vn/
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com
Legal Disclaimer
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact Information
Vemanti Group, Inc.
Investor Relations
+1.949.559.7200
ir@vemanti.com
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