Siguler Guff portfolio company Solvd has acquired US-based AI-consulting company EastBanc Technologies.

Washington, DC-based EastBanc Technologies has customers in the commercial, enterprise and federal, state and local government sectors. It has core strengths in AI, data, infrastructure and DevOps and product development that will help evolve Solvd's existing core offerings.

Together, the companies plan to enhance their offerings to clients, providing the strategy and tools needed for advancing in the AI era, according to a release.

"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," said Adam Gabrault, CEO of Solvd, in a statement. "As we look at the market landscape today, traditional IT services firms focusing on system integration and labor arbitrage are not well-suited to embark on providing the critical AI capabilities that leading organizations need. Solvd's digital engineering heritage, combined with EastBanc capabilities, positions us to do so."

Solvd also announced that it is launching new service offerings that support an AI-driven digital future for clients at any stage of their AI maturity journey, the release said.

Siguler acquired majority stake in Solvd in 2022.

Solvd is an end-to-end software engineering and consulting company based in California with over 800 employees located across Latin America, North America, and Europe.

Siguler is a global multi-strategy private market investment firm with over $16 billion of assets under management.