Group 42, the Abu Dhabi-based artificial intelligence and cloud computing company, secured a "substantial" investment from US-based private equity manager Silver Lake.
As part of the deal, Silver Lake's managing partner and co-chief executive Egon Durban will join G42's board, the company said. Neither the size of the stake or the amount invested were disclosed.
“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,” said G42's chief executive Peng Xiao.
“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,” he added.
G42, which owns and operates the world's 26th-most powerful supercomputer, is carrying out high-level fundamental and applied research into AI as well as developing cloud computing for the most demanding use cases. Proceeds from Silver Lake's investment, reported by the Wall Street Journal to be worth about $800 million, will be used to help it scale its operations in the UAE and in international markets, G42 said.
Last month, the company partnered with British outsourcing company Serco to promote the adoption of technology by government clients in the Middle East and drive a shift towards data-driven operations.
G42 has quickly become a globally respected technology leader, poised to extend its leadership in AI and digital transformation, Mr Durban said.
“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,” he added.
Silver Lake, which specialises in technology investments, is a Silicon Valley-based investor with more than $79 billion of committed capital and assets under management. It has invested in some of the world's best-known technology companies including Airbnb, Ant Financial, Expedia Group and Twitter.
Its portfolio of companies collectively generate more than $191bn of revenue a year and employ more than 441,000 people around the world.
In September last year, Abu Dhabi sovereign fund Mubadala Investment Company invested $2bn into Silver Lake as the companies agreed to partner on a long-term investment strategy spanning for 25 years. Mubadala also took a minority stake in the company.
