Vemanti To Buy Devblock, Adding AI and Digital Transformation Capabilities To Strengthen Its Neobanking Strategy in SE Asia
Devblock Technologies, Inc. ("Devblock") will now be 100% owned by Vemanti Group, Inc., marking a significant advancement in the company's larger ambition to establish itself as Southeast Asia's first neobank for SMEs. With this acquisition, the company will expand upon its core expertise with sophisticated AI and digital transformation skills, further solidifying its position in the fast expanding regional digital banking market.
The deal is anticipated to close in the second quarter of FY2023. Deblock will become a fully-owned subsidiary of the Company after the closure.
Devblock, a top technology platform and development firm with headquarters in Seattle, Washington, focuses on blockchain, cloud computing, artificial intelligence (AI), and machine learning (ML). They have developed key capabilities and technologies to facilitate cross-border software development for more than ten years. Devblock has established itself as a leader in digital transformation with a global staff of well over 100 engineers headquartered mostly in the USA and Vietnam and a track record of successful implementations with industry titans like Microsoft, Amazon, and eBay.
Leveraging these best practises, it is anticipated that the business will continue to grow rapidly, and it has ambitions to introduce a cutting-edge digital banking platform with industry-leading security and innovation. The management group will continue to run the company and align its future course with Vemanti's long-term corporate goals, which includes Co-Founders Benjamin Liu and James Sun.
“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.