Dawood Hercules Corporation Ltd (DHCL) has announced a significant development following approval by its Board of Directors. DHCL has signed a Sale Purchase Agreement with Avanceon Ltd, facilitating the 100% swapping of shares of DHCL’s subsidiary, EmpiricAI (Pvt) Ltd, for a minority stake in Octopus Digital Ltd, a subsidiary of Avanceon Ltd. This agreement is subject to all necessary shareholder and regulatory approvals.
This collaboration represents an exciting union between a long-standing capital conglomerate and a new-age technology venture, symbolizing the future integration between industrial and entrepreneurial ecosystems. DHCL and Avanceon Ltd (AVN) aim to leverage their respective technology assets by drawing upon mutual expertise and synergies.
EmpiricAI (Pvt) Ltd was established by DHCL with a vision to become a leading provider of AI-based analytics solutions for manufacturing equipment, focusing on enhancing the performance of manufacturing assets. Octopus Digital Ltd, on the other hand, specializes in cloud data enablement, business intelligence, and data-driven services for digitalizing supply chain, manufacturing, and operational workflows. The alignment of these business models makes joint management an ideal value proposition, ultimately leading to increased customer value.
Avanceon Ltd, renowned for its market credibility and customer focus, brings valuable capability and knowledge to the partnership. DHCL, with decades of manufacturing expertise, will play a pivotal role in aligning products and services to meet client needs. As a significant minority shareholder in Octopus Digital Ltd, DHCL will occupy a position on the Board of Directors, contributing to capital stewardship and governance.
This partnership holds transformative potential for the sector by facilitating manufacturing clients in their Industry 4.0 journey. The collaboration between AVN and DHCL can establish an innovative center of excellence, supported by DHCL’s link with Engro Corporation Ltd, one of Pakistan’s leading manufacturing conglomerates. Such collaborations between multi-generational investors with manufacturing expertise and technology companies could mark a significant development in Pakistan’s technology ecosystem.
According to Shamoon Chaudry, CEO of DHCL, the leadership of Avanceon holds immense potential for elevating EmpiricAI into the next generation of technology companies. Bakhtiar Wain, founder and CEO of Avanceon, believes that bridging the divide between technology and business knowledge is crucial for creating real value in Industry 4.0 technology companies, and the partnership with DHCL provides the ideal structure for this vision.
As DHCL and Avanceon embark on this collaborative journey, they aim to create unparalleled value for their shareholders and contribute to the global success of Pakistan’s technology sector
