Lahore, Pakistan October 13, 2022 – As approved by the Board of Directors of Avanceon Limited, Avanceon has signed a Sale Purchase Agreement with Dawood Hercules Corporation Limited (DHCL) for the swapping of 100% of the shares of DHCL’s subsidiary EmpiricAl (Pvt) Ltd in exchange for a minority stake in Octopus Digital Ltd, a subsidiary of Avanceon Ltd, subject to all necessary shareholder and regulatory approvals.
This exciting collaboration between a long-standing capital conglomerate and a new-age technology venture aims to cultivate the future of integration between industrial and entrepreneurial ecosystems.
DHCL and AL are entering this partnership to jointly develop their underlying technology assets, drawing from mutual expertise and synergies. EmpiricAl (Pvt) Ltd was set up by DHCL with a vision to be a leading provider of AI-based analytics solutions for manufacturing equipment, enabling industries to improve the performance of their manufacturing assets.
Octopus Digital Ltd provides cloud data enablement, business intelligence and data-driven services to digitalize supply chain, manufacturing, and operational workflows. The synergy of these business models makes it an ideal value proposition for customers.
Avanceon has built tremendous market credibility based on capability, knowledge, and customer focus. DHCL, as a significant minority shareholder in Octopus, will occupy a position on the Board of Directors and play a role in capital stewardship and governance of the asset.
The partnership can prove transformative for the sector helping manufacturing clients in their journey to Industry 4.0. The capability brought by Avanceon Limited and industry knowledge of DHCL can create a cutting-edge center of excellence. DHCL’s link with Engro Corporation Ltd, one of Pakistan’s leading manufacturing conglomerates, can also enable further use cases as they jointly make the transition towards Industry 4.0.
In any business landscape, capital, capability, and vertical knowledge are partners that create value. South Asia is already a budding success story in building globally competitive companies and exporting technology services worldwide; a deeper degree of integration among local partners can provide the necessary collaboration, discipline, and network to truly elevate entrepreneurial companies to a global scale.
The agreement will see Avanceon Limited leverage EmpiricAl’s deep vertical domain knowledge, data science and software development expertise to develop innovative AI-based Industrial loT solutions for Octopus Digital customers. DHCL will play an integral role in the new venture’s success by becoming a minority shareholder in Octopus Digital and occupy a position on the Board of Directors, playing a role in capital stewardship and governance of the asset.
