G42, an AI firm based in Abu Dhabi, has received an investment of $800 million from Silver Lake.
Silver Lake, a global technology investment firm, recently invested in G42, an Artificial intelligence and cloud company based in Abu Dhabi.
According to reports, Silver Lake is investing $800 million in G42 for a minority stake.
The investment’s proceeds will be used to help the business expand in the UAE and internationally.
G42’s artificial intelligence, cloud computing, and infrastructure solutions have helped clients tackle a variety of challenges, including digitizing major businesses, improving community healthcare, and improving government services.
Last year, G42 partnered with the Abu Dhabi Department of Health to provide scalable diagnostics and a robust national vaccine rollout for the COVID-19 pandemic.
Egon Durban, Silver Lake’s Co-CEO and Managing Partner, will join the board of directors of G42, which is headed by Chairman Sheikh Tahnoun bin Zayed Al Nahyan.
Peng Xiao, G42’s Group CEO; Jassem Mohamed Obaid Bu Ataba Al Zaabi, Chairman of the Abu Dhabi Department of Finance; and Khaldoon Khalifa Al Mubarak, Group CEO & Managing Director of Mubadala Investment Company, are among the other members of the G42 team.
“We are honored to work with a world-class investor like Silver Lake and proud to be a part of their cutting-edge portfolio of technology leaders,” Xiao said.
“G42 is dedicated to maximizing human potential and prosperity by leveraging our artificial intelligence and cloud computing capabilities.
We plan to bring value to every business in the world by collaborating with the best innovations and partners. Energy, healthcare, and finance are only a few of our business verticals.
Now is the ideal time to join forces with Silver Lake to broaden our horizons.”
G42 has rapidly become a globally recognized technology pioneer, poised to broaden its technology portfolio and deepen its leadership in AI and digital transformation, according to Silver Lake’s Durban.
G42 has seen exponential growth in recent years, and it has done so by working with large-scale clients to solve the most challenging technology challenges.
We are ecstatic to have this chance to collaborate with them.”
G42 also became the first UAE-based organization to open an office in Israel in 2020.
Source: Tech Gist