IRVINE, Calif., April 03, 2024 (GLOBE NEWSWIRE) -- Vemanti Group, Inc. (“Vemanti” or the “Company”) (OTCQB: VMNT) today announced the successful acquisition of VinHMS Pte. Ltd. (“VinHMS”), a Singapore-based technology solutions provider specializing in digital transformation for the hospitality industry across Southeast Asia. This transaction marks a strategic achievement for Vemanti, placing the Company at the forefront of the hospitality technology sector and reinforcing its commitment to becoming a leader in digital innovation. The business combination brings together complementary strengths for both organizations, with the opportunity to bolster operational capabilities, expand market reach, and drive revenue growth. With operations in Vietnam, Singapore, Cambodia, Thailand, and upcoming expansion plans for Indonesia and the Philippines, VinHMS believes it is well-positioned to capitalize on emerging revenue opportunities in the region.
Founded in 2018 with operations initiated in Vietnam, VinHMS’s native cloud-based platforms aim to reduce overall costs, streamline processes, enhance operational efficiency, accelerate new innovations, improve guest experiences, and increase financial performance for hotel operators utilizing artificial intelligence (AI), machine learning (ML), and proprietary advanced algorithms. In addition to its flagship hospitality management solution, CiHMS, VinHMS offers a suite of products, including asset management (CiAMS), theme park management (CiTMS), and a digital transformation solution for small hotels (CiTravel).
With nearly 100 employees and a focus on operational excellence, customer satisfaction, and sustainable growth, VinHMS is committed to delivering exceptional value to customers and partners alike. The company has established itself as a leader in hospitality digital transformation with a proven track record of successful implementations for numerous hotels. Among its illustrious achievements over the years is how VinHMS stood out for its record solution deployment time at the height of COVID-19. During this challenging period, VinHMS deployed CiHMS to 35 hotels across 15 cities, migrated to its platform a staggering 14,000 rooms in just 98 days. Currently, VinPearl Joint Stock Company (“VinPearl”), a prominent hospitality and entertainment brand in Vietnam, is its largest client among a list of many prestigious customers such as Melia, Marriott, Sheraton and Wyndham. To date, the value of transactions processed by VinHMS’s solutions has reached close to $500M and continues to grow. The company also proudly partners with global travel companies such as Booking.com, Trip.com , Traveloka, Agoda and SiteMinder. Leveraging these early successes, VinHMS is anticipated to expand its market reach to other Southeast Asian countries.
Based on the findings of Google’s e-Conomy SEA 2023 report, 6 countries (Singapore, Indonesia, Thailand, Malaysia, and Vietnam) in Southeast Asia with a total population of 605M are exhibiting GDP growth comparable to that of the world’s fastest-growing economies, namely India and China. The region’s e-commerce sector is on track to reach a gross merchandise value of 1 trillion USD in 2030 with online travel & hotels playing an important role.
Similarly, according to Statista, the travel and tourism market in Southeast Asia is projected to experience significant growth in the coming years. The organization projected that:
• In 2024, the market’s revenue is expected to reach $31.53B USD and is forecasted to reach $38.22B USD by 2028.
• The hotels market is the largest in the market and is anticipated to generate a market volume of $13.63B USD in 2024.
• Online sales are projected to account for 74% of total revenue in the market by 2028.
Mr. Hoang “Eric” Nguyen, current CEO of VinHMS, will be appointed as the new CEO of Vemanti. Under his dynamic leadership, the Company will embark on an exciting new chapter of growth and innovation. With a proven track record of success in the technology sector, Mr. Nguyen brings invaluable expertise and strategic vision to the Company, guiding it on a trajectory toward enhanced market leadership and sustainable value creation.
In conjunction with the combination, the Company is delighted to announce that Mr. Tan Tran, its current CEO, will remain on its Board of Directors and transition to the role of Chief Strategy Officer. Leveraging his extensive experience and visionary leadership, Mr. Tran will play a pivotal role in shaping the company's long-term strategic direction and driving initiatives aimed at maximizing shareholder value, including M&A and capital markets expansion.
Furthermore, the Company is honored to welcome Ms. Trinh Tuyet Mai Le, Deputy CEO Information Technology of VinFast Auto Ltd. (“VinFast”), and a distinguished senior executive from VinGroup Joint Stock Company (“VinGroup”), to its Board of Directors. This further strengthens the Company’s global footprint and underscores its commitment to fostering collaborative relationships with industry leaders to drive shareholder value.
Mr. Nguyen, new CEO of the Company, stated, “I am honored to lead Vemanti into this exciting new chapter. With our combined expertise and resources along with shared forward-thinking perspectives, we are primed to transform the future of the hospitality industry, delivering game-changing solutions that exceed customer expectations."
"We are thrilled to embark on this transformative journey with VinHMS and welcome Eric to lead Vemanti into a new era of growth and innovation," said Mr. Tan Tran, Chief Strategy Officer of Vemanti. "Together, we are well-positioned to accelerate our business fundamentals and create lasting value for all stakeholders as we pursue our path to NASDAQ."
The acquisition of VinHMS represents a pivotal moment in the Company’s collective history, setting the stage for a future defined by innovation, resilience, and market leadership. This historic milestone underscores the Company's commitment to transparency, governance, and shareholder value, while signaling its readiness to embark on the next phase of a journey toward sustained success.
As a result of the transaction, VinHMS will continue as a wholly owned subsidiary of Vemanti, and the shareholders of VinHMS will own all of the currently issued and outstanding Series A Preferred Stock and substantially all of a newly issued Series B Preferred Stock. There are no changes to the current structure of the Common Stock class. Specific terms of the transactions along with audited financials of VinHMS will be included in the upcoming Form 8-Ks and other filings with the SEC.
About Vemanti
Vemanti Group, Inc. (OTCQB: VMNT) is a technology holding company that seeks to establish a strong foothold in the emerging and high-growth markets of Southeast Asia through innovative digital services. Its goal is to be a valuable technology partner for companies throughout Southeast Asia, helping their business become transformed and together shaping the region into a global economic powerhouse. Learn more at: https://vemanti.com
About VinHMS
VinHMS Pte Ltd (“VinHMS”) is a technology company specializing in cutting-edge technology products aimed at optimizing business operations for customers in the hospitality industry. VinHMS's comprehensive solution set comprises of CiHMS, CiAMS, CiTMS, and CiTravel. The flagship product is the complete hospitality management platform CiHMS, which is capable of handling all operational needs of 4-star to 5-star hotels and hotel chains. VinHMS pursues the mission of transforming hospitality operations through technology innovations. Learn more at: https://vinhms.com
About VinPearl
Vinpearl Joint Stock Company (“VinPearl”) is a prominent hospitality and entertainment brand in Vietnam, owned by Vingroup. VinPearl is known for its luxurious resorts, hotels, theme parks, and entertainment complexes located in various destinations across Vietnam, including popular tourist spots like Nha Trang, Phu Quoc, Hoi An, and Da Nang. VinPearl resorts and hotels offer a range of accommodations, from beachfront villas to city hotels, catering to both leisure and business travelers. VinPearl also operates theme parks and entertainment centers, providing visitors with a diverse range of attractions, activities, and amenities for all ages. The brand has gained recognition for its commitment to delivering high-quality hospitality experiences, modern amenities, and world-class service standards. VinPearl has played a significant role in promoting tourism in Vietnam and enhancing the country's reputation as a desirable destination for travelers both domestically and internationally. Learn more at: https://vinpearl.com/en
About VinFast
Vinfast Auto Ltd (“VinFast”) is an automotive manufacturer based in Vietnam and is a majority-owned affiliate of Vingroup. VinFast was established in 2017 with the aim of becoming a major player in the global automotive industry. The company produces a range of vehicles, including cars, electric scooters, and electric bicycles. Strongly committed to the mission of a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us/
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
