Vemanti Group, Inc. has announced its acquisition of Devblock Technologies, Inc., a leading technology platform and development company, in a stock purchase agreement. The move is a major milestone in Vemanti’s strategy to become Southeast Asia’s first neobank for SMEs.
Devblock is renowned for its expertise in artificial intelligence (AI), machine learning (ML), blockchain, and cloud computing. It has a global team of more than 100 engineers based predominantly in the USA and Vietnam, who have established themselves as leaders in digital transformation. Devblock has a proven track record of successful implementations with industry giants like Microsoft, Amazon, and eBay.
The acquisition will strengthen Vemanti’s position in the rapidly-growing digital banking sector in Southeast Asia. Vemanti will add advanced AI and digital transformation capabilities to its primary competencies, enabling it to offer optimized customer experiences with industry-leading security and innovation.
Tan Tran, CEO of Vemanti, stated that the acquisition makes sense on many fronts, providing Vemanti with essential building blocks to accelerate its neobanking strategy. Tan added that he was thrilled to welcome James Sun, Benjamin Liu, and the entire Devblock team to Vemanti’s family.
The acquisition is part of a master-planned roadmap that Vemanti has in place, and the management team of Devblock, 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.
Benjamin Liu, Co-Founder of Devblock, expressed excitement about developing game-changing financial products for Vemanti’s target clients.
James Sun, Co-Founder of Devblock, stated that being part of Vemanti is a natural progression in their product strategy to build a borderless fintech platform in the long term.
With top-notch engineering professionals on board, Vemanti will immediately look to develop and deploy intelligent, embedded, and adaptive AI/ML-powered digital banking products tailored to meet the specific needs of each individual SME client. The Company will also make acquisitions and form joint ventures to further expand its growth.