Group 42 (G42), a leading artificial intelligence and cloud computing company based in Abu Dhabi, has announced a "substantial" investment from the US firm Silver Lake.
G42’s services are being used by clients in a wide range of activities.
They include digitising large enterprises, improving regional healthcare, and enhancing government systems.
Proceeds from the investment will be used to help G42 scale in the UAE and international markets.
The terms of the transaction are private and have not been disclosed publicly.
Over the past year, G42 partnered with the Abu Dhabi Department of Health on COVID-19 pandemic management to provide scalable diagnostics and a successful nationwide vaccine rollout.
The company also expanded its capabilities through the acquisitions of Injazat, a regional market leader for digital transformation IT services, and Khazna Data Centres, a commercial wholesale data centre provider.
In 2020, G42 became the first UAE-based company to establish an office in Israel, following the signing of the Abraham Accords.
In connection with Silver Lake’s investment, Egon Durban, Co-CEO and Managing Partner of Silver Lake, will join the G42 board of directors, which is led by its Chairman, His Highness Sheikh Tahnoun bin Zayed Al Nahyan.
"We are honoured to partner with a world-class investor like Silver Lake and proud to be among their cutting-edge portfolio of technology leaders...Our business verticals range from energy, to healthcare, to finance. Now is the right time to partner with Silver Lake to further expand our possibilities," noted Peng Xiao, Group Chief Executive Officer of G42.
Durban added, "Under the visionary leadership of His Highness Sheikh Tahnoun and driven by a passionate management team headed by Peng Xiao, G42 has quickly become a globally respected technology leader, poised to expand its technology portfolio and extend its leadership in AI and digital transformation. G42 has not only experienced tremendous growth in recent years, but has done so by partnering with large-scale clients to address the most complex technology challenges."
Today, we are proud to announce that G42 is joining @SilverLake_news 's impressive portfolio of industry leaders.
— G42 (@G42ai) April 14, 2021
We are optimistic that this partnership will provide strategic advantages and expand our reach.
Read more: https://t.co/AqwICmyX5Q#AI #Cloudcomputing pic.twitter.com/hqFnWrlisg
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