Vantaca, a Wilmington-based firm that provides community associations with management software, announced its acquisition of AI technology provider HOAi earlier this week.
The acquisition reinforces Vantaca's “commitment to advancing the future of community management through innovative, AI-powered solutions,” according to a news release issued Wednesday. California-based HOAi provides AI technology for the HOA and community management industry that helps streamline financial analysis and automate document management, among other functions.
Dave Sweyer founded Vantaca, now headquartered on Wrightsville Avenue, in 2017 after recognizing the limited software capabilities within his firm, Community Association Management Services (CAMS). After spinning Vantaca off from CAMS, Sweyer handed the reins to Vantaca CEO Ben Currin.
Sweyer and Currin told the Business Journal earlier this year they plan to grow the company’s market share substantially over the next few years.
Through the acquisition, Vantaca will introduce a two-tier AI approach. That will include Scout, your Everyday AI research assistant, a function integrated into the Vantaca platform for streamlined daily operations, and HOAi, which will operate as a standalone function to deliver advanced capabilities that “set new benchmarks in productivity,” according to the release.
HOAi will continue operating as an independent product focused on AI innovation. The structure allows HOAi to “maintain maximum speed and flexibility in development, benefiting Vantaca customers with seamless integration while providing other association management companies the option to leverage HOAi's transformative AI capabilities independently of the Vantaca platform,” the release stated.
"This acquisition is a game-changer in our mission to build the future of community management," Currin stated in the release. "By integrating HOAi's advanced AI capabilities, while allowing it to operate independently, we ensure rapid development and deployment of next-generation solutions that will significantly enhance our customers' experience and operational efficiency."
In the release, HOAi cofounder Haoyu Zha stated the company is “thrilled” to join Vantaca to continue the “mission of redefining community management through AI.”
"Our AI-driven solutions have always focused on simplifying operations and enhancing productivity,” Zha wrote in the release. “Together with Vantaca, we'll accelerate innovation, providing community management teams with the tools they need to operate seamlessly and effectively."
