<article>US-headquartered Vemanti Group, a diversified holding company, has entered into an agreement to acquire a majority stake in Ho Chi Minh City-based tech firm Two Group JSC.</article>

US-headquartered Vemanti Group, a diversified holding company, has entered into an agreement to acquire a majority stake in Ho Chi Minh City-based tech firm Two Group JSC.
The deal is seen as a first step for the American firm towards making strategic investments in Vietnam and the rest of Southeast Asia.
Vemanti will carry out due diligence within the next 90 days to ascertain the value of Two Group’s subsidiaries before signing a Letter of Intent with closing terms and conditions.
Two Group, founded in 2013, owns four ventures in e-commerce, location navigation, content streaming and social media verticals, all “operational and revenue-generating”, Vemanti said.
Vemanti, founded by overseas Vietnamese Tan Tran, said the transaction, once ratified and finalized, will create a framework to capitalize on the fast growing internet economy of Vietnam, especially in e-commerce and online advertising.
“It&#8217;s an exciting time to be part of Southeast Asia&#8217;s internet economy, especially in e-commerce, online travel and advertising. And with Southeast Asia fast becoming the fourth-largest market after the EU, US, and China, we expect to continue to make &#8216;bets&#8217; in this major economic region and a driver of global growth,&#8221; said Tran.
Post funding, the existing management team of Two Group will continue to run the business, while existing investors will continue to hold a material interest in the company. Its shareholders will also participate in future growth equity investments.
Two Group ventures include Kay.vn, a platform that enables merchants to set up online stores; Diadiem.com, a B2B data mapping provider serving customers including Google Maps and Navteq; Yume.vn, a content curation social network with over 3 million users; and YouTube channel 16Plus for bloggers and social media influencers.
Southeast Asia is poised to witness e-commerce revenues surge to $25 billion by 2020, with Vietnam being one of the key markets in the region, according to a Frost &amp; Sullivan research.
Vemanti was established in 2014 and is currently traded on the US OTC market. The company, which targets opportunities in high-growth, emerging and technology-driven markets, has invested in California-based telco VoiceStep, according to information on its website.
The company continues to explore M&amp;A, joint ventures and buyouts in the ASEAN market, especially Vietnam.
&#8220;I am delighted to welcome Vemanti into Two Group. We have felt for some time that the opportunity within our markets and our sector broadly has far more potential than we have been able to practically execute ourselves. With this new partnership, we will now have the management and financial capacity we want and need,&#8221; said Thang Duc Tran, chairman and CEO of the Two Group.
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The tentative investment will mark the first foray into the tech space in Vietnam and Southeast Asia by US-based firm Vemanti Group.

US firm Vemanti to acquire Vietnam's tech conglomerate Two Group

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US firm Vemanti to acquire Vietnam's tech conglomerate Two Group

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