By Akanimo Sampson
Silver Lake, a global technology investment firm, is investing in Abu Dhabi-based AI and cloud company G42.
Silver Lake is investing $800 million for a minority stake in G42, according to a report by the Wall Street Journal. Proceeds from the investment will be used to help the company to scale in the UAE and international markets.
G42’s artificial intelligence, cloud computing, and technology offerings have enabled its clients to address a wide range of opportunities, including digitising large enterprises, improving regional healthcare, and enhancing government services.
Over the past year, G42 partnered with the Abu Dhabi Department of Health on COVID-19 pandemic management to provide scalably diagnostics and a successful nationwide vaccine rollout.
In 2020, G42 also became the first UAE-based company to establish an office in Israel, following the signing of the Abraham Accords.
As part of the agreement, Egon Durban, Co-CEO and Managing Partner of Silver Lake will join the G42 board of directors, which is led by its Chairman Sheikh Tahnoun bin Zayed Al Nahyan.
Other members of the G42 board include Peng Xiao, Group Chief Executive Officer of G42; Jassem Mohamed Obaid Bu Ataba Al Zaabi, Chairman of the Abu Dhabi Department of Finance; and Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company.
“We are honoured to partner with a world-class investor like Silver Lake and proud to be among its cutting-edge portfolio of technology leaders”, said Xiao.
“G42 is committed to leveraging our artificial intelligence and cloud computing capabilities to maximise human potential and prosperity. We aim to work with the best technologies and the best partners to deliver value to every market in the world.
‘’Our business verticals ranging from energy to healthcare, to finance. Now is the right time to partner with Silver Lake to further expand our possibilities.”
Silver Lake’s Durban said, “G42 has quickly become a 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.
‘’We are excited to have this opportunity to work with them.”
G42, over the years, has 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.
