Mubadala announces investment in Group42
06 Nov 2020
Mubadala, the Abu Dhabi-based sovereign investment company, has announced that it will become an investor in Group42 (G42), the Abu Dhabi-based artificial intelligence and cloud computing company, via the integration of Injazat and Khazna Data Centres (Khazna).
As a result of the transaction, Injazat and Khazna – both homegrown industry leaders nurtured over the past decade as part of Mubadala’s information, communications & technology portfolio – will become part of G42’s deepening technology capabilities and accelerate G42’s cloud business and its ability to deliver holistic and scalable technology solutions while growing national talent and investing in local capacity.
Mubadala Group Chief Executive Officer and Managing Director, Khaldoon Khalifa Al Mubarak, said: “For Mubadala, this decision is consistent with our strategy of investing in next-generation technology companies that are poised for substantial growth. G42 is highly respected as a technology leader, with a broad portfolio covering major areas including healthcare, smart cities, analytics, and energy.
“We incubated Khazna and Injazat and invested in them to become leaders in their field. G42 will benefit from their strong operational capabilities and complementary offerings. With the outstanding talent this adds to G42, it will continue to break new ground across many key sectors.”
Injazat is an industry-recognised, regional market leader for digital transformation, cloud and cybersecurity. Khazna provides organisations with dedicated commercial wholesale data centre solutions to meet the growing need for data centre operations in the UAE. As a result of the transaction, Mubadala will become a minority shareholder in G42.
Peng Xiao, CEO of Group 42, said: “We believe Injazat and Khazna’s respective expertise in end-to-end digital and data centre solutions will significantly expand and enhance our product and service offering for our clients, and we welcome them into our ecosystem. These are two great technology entities, and this agreement reflects G42’s continuous effort to deliver cutting-edge, AI-enabled solutions to the region. Equally, we are looking forward to the expertise Mubadala brings to our organisation, having founded and grown not only these two thriving companies, but also other complementary businesses.”
Through this acquisition, G42 aims to complement its suite of products and services, leveraging its unparalleled expertise in data analytics and artificial intelligence to offer disruptive solutions to its portfolio of clients. With G42, both Injazat and Khazna will have access to a global network of partners and complementary capabilities to accelerate their growth and scale. G42 applies AI, cloud computing, and data analytics in several verticals including Healthcare, Smart Cities, Finance, Energy, and consumer business.
G42 has been instrumental in the area of healthcare, putting its world-ranked supercomputer, Artemis, to work as part of a national project launched by Abu Dhabi’s Department of Health, to decode the human genome in order to improve patient care for the entire population. Artemis supercomputer is ranked 31st globally according to Top 500. G42 has also recently been actively involved in the UAE’s effort to tackle the Covid-19 pandemic, leading such programs as advanced diagnostics and testing as well as phase 3 clinical trials for a vaccine.
This announcement is the latest in G42’s efforts to add to its growing technology portfolio. In January of 2020, G42 announced the acquisition of Bayanat, an end-to-end geospatial data products and services provider. In September of 2020, G42 became the first UAE-based company to establish an office in Israel, following the signing of the Abraham Accords. G42 continues its leadership in fundamental and applied research that pushes the boundaries of AI knowledge and its implementation to solve complex problems.
Source: The FinTech Times