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Presight partners with ADNOC and acquires AIQ

Presight partners with ADNOC and acquires AIQ
9 May 2024 12:32

ABU DHABI (WAM)

Presight announced its acquisition of a controlling stake in AIQ, the AI for Energy joint venture established in 2020 by ADNOC and G42.

The agreement will leverage ADNOC's global leading position as a national oil and gas company, combining AIQ's breakthrough AI Energy solutions and Presight's expertise in big data analytics, generative AI, and supercomputing to accelerate AI innovation and develop leading energy and industry solutions.

The acquisition of AIQ is also a game-changing expansion of Presight's business and opens up the energy sector vertical for the company, unlocking enormous growth potential, bringing significant incremental revenues, and is expected to deliver accretive value for Presight's shareholders.

AIQ's track record of growth and profitability is a testament to its status as a leading AI-energy company.

Revenues grew more than 60 percent from 2022-2023, as its AI tools, with over 20 applications and 16 filed patents, drove efficiency and unlocked value for ADNOC, which will continue to play a pivotal role in generating revenue for AIQ through its demand for AI solutions in the energy sector.

Chairman of Presight, Mansoor Al Mansoori, said, "This announcement is the coming together of two national champions of the UAE technology sector to scale to even greater heights globally. We are delighted to welcome the talented AIQ team to the Presight family, and privileged that Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, will lead the board of AIQ as its Chairman, bringing his wealth of experience and visionary leadership in both the energy and technology sectors."

"With the formidable force of ADNOC joining existing shareholders like IHC and G42 we believe we will turbocharge AI solutions for the energy sector and are excited about our potential to deliver beneficial societal change," he added.

Chief Executive Officer of Presight, Thomas Pramotedham, said, "One year on from our successful ADX listing, we have reached another significant milestone with the acquisition of AIQ. By taking a majority shareholding in AIQ, we are adding another high-profile sector to our portfolio of vertical solutions and expertise, while bringing our generative AI-enabled big data analytics capabilities to AIQ and potential customers in the global energy industry. We expect the energy vertical to be the second largest contributor to our revenues in 2024 and look forward to an exciting future for Presight and AIQ."

"Our acquisition of AIQ is in line with our strategy to expand our solutions portfolio and further reinforces Presight's commitment to create safer, healthier, happier and more sustainable societies through AI problem solving to enable lifelong human advancement," Pramotedham continued.

As part of the deal, ADNOC will retain a 49 percent interest in AIQ and has also acquired a minority shareholding in Presight—a testament to the company's success to date and a significant vote of confidence in its vision.

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