US-based investment firm picks up stake in Abu Dhabi tech firm Group42
Dubai: Investment firm, Silver Lake, has made a “substantial” investment in Group42, the Abu Dhabi-based company that specializes in AI and cloud computing.
Proceeds from the investment will be used to help G42 scale in the UAE and international markets. The terms of the investment transaction were not publicly disclosed.
In connection with the deal, Egon Durban, Managing Partner of Silver Lake, will join the G42 board of directors.
“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. We are excited to have this opportunity to work with them,” said Durban in a statement.
“Silver Lake’s mission is to build and grow great companies in partnership with founders and management teams,” he added.
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 Centers, a commercial wholesale data center provider.
In 2020, G42 became the first UAE-based company to establish an office in Israel, following the signing of the Abraham Accords.
“We aim to work with the best technologies and the best partners to deliver value to every market in the world - 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,” said Peng Xiao, Group Chief Executive Officer of G42.