Solvd Inc., an engineering software and technology consulting company in Walnut Creek, California, has acquired EastBanc Technologies Inc., a Georgetown software developer owned by Anthony Lanier, the CEO of D.C. real estate developer EastBanc Inc.
Financial terms of the deal were not disclosed.
EastBanc Technologies, founded in 1999, serves clients in both the government and commercial sectors, relying heavily on artificial intelligence tools to drive results. The deal, announced Monday, marks a shift for Solvd, as it will now allow the company to incorporate AI tools into its offerings for clients in the financial services, retail, health care, life sciences, social media and other industries.
"Through this acquisition, we are pivoting our focus to enable our clients to thrive in the AI era recognizing that the maturity of Artificial Intelligence driven by GenAI solutions is a massive market opportunity," Solvd CEO Adam Gabrault said in a statement.
It's unclear how many of EastBanc's roughly 100 employees, including CEO Philippe Lanier, will be joining Solvd. Solvd did not respond to requests for comment and a spokesperson for EastBanc Technologies could not be reached.
Solvd employs over 800 workers across offices in the Americas and Europe. It is a portfolio company of New York private market investment firm Siguler Guff & Co, which has $16 billion in assets under management.
EastBanc Technologies inked a 10-year lease for 11,776 square feet in the historic Georgetown Post Office building in October 2014. EastBanc Inc. acquired the property in 2013 and leased the space to EastBanc Technologies.
