Silver Lake invest to turbocharge the growth of G42’s AI and cloud capabilities
Group 42 (G42), an artificial intelligence and cloud computing company based in Abu Dhabi, has received a substantial investment (reported to be around $800 million) from Silver Lake, a leader in technology investing, in exchange for a stake in the company. Egon Durban, Co-CEO and Managing Partner of Silver Lake, will join the G42 board of directors, which is led by its Chairman, His Highness. Sheikh Tahnoun bin Zayed Al Nahyan. Other members of the G42 board include Peng Xiao, Group CEO of G42; His Excellency Jassem Mohamed Obaid Bu Ataba Al Zaabi, Chairman of the Abu Dhabi Department of Finance; and His Excellency Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director of Mubadala Investment Company.
G42’s artificial intelligence, cloud computing, and technology offerings have enabled its clients to address a wide range of opportunities, including digitizing 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 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.
G42 Group CEO, Xiao, said, “G42 is committed to leveraging our artificial intelligence and cloud computing capabilities to maximize 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 range 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 added, “Silver Lake’s mission is to build and grow great companies in partnership with founders and management teams. Under the visionary leadership of H.H. Sheikh Tahnoun and driven by a passionate management team headed by Peng Xiao, G42 has quickly become 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.”
Proceeds from the investment will be used to help G42 scale in the UAE and international markets.