BOND.AI Acquires Elastech, Inc., Bolstering Data and Cloud Capabilities

BOND.AI, a major player in the field of artificial intelligence (AI), recently announced the acquisition of Elastech, Inc., a company based in Lehi, Utah. This strategic move is aimed at enhancing BOND.AI’s data and cloud capabilities while broadening its Empathy Engine® technology’s reach.

Aiming for Better AI in Finance

According to Uday Akkaraju, CEO of BOND.AI, the acquisition will enable financial institutions to better adopt and implement AI systems. BOND.AI’s primary objective is to remove the cost and knowledge barriers that often impede AI adoption. Akkaraju noted that while many in finance are keen to harness the power of AI, they often struggle with devising strategies, setting up the right systems, and making AI affordable.

Through the acquisition of Elastech, BOND.AI plans to establish a dedicated data team to support banks in their AI journey, enabling them to move at their own pace.

Expansion Into New Markets

The acquisition also marks the beginning of BOND.AI’s expansion into new markets. Scott Llewelyn, CEO of Elastech, Inc. indicated that there’s a growing need for AI technologies in various industries. Llewelyn, who has spent a large portion of his career in financial services, sees huge potential in using enterprise ideas for community businesses to bolster financial health.

Following the acquisition, Llewelyn will join BOND.AI’s team to oversee its Professional Services division.

In summary, BOND.AI’s acquisition of Elastech, Inc. is a strategic move to not only enhance its own data and cloud capabilities, but also to create a more accessible and affordable AI solution for financial institutions. The company aims to leverage this acquisition to expand its footprint in other industries as well.