Octopus Digital and EmpiricAI Prepare to Kick off an Exciting Collaborative Business Plan for Industrial Customers Looking to Launch their Industry 4.0 Journey

Lahore, Pakistan – 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 EmpiricAI (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. EmpiricAI (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.

Bakhtar H. Wain and Samad Dawood (Vice Chairman Engro Corp)

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.

Bakhtiar H. Wain (CEO Avanceon Limited) and Shamoon Chaudhry (CEO DHCL) Signing the Agreement at EmpiricAI Offices

According to Shamoon Chaudry, CEO of DHCL, “We are very impressed with the leadership of Avanceon which is what excites us about the potential of this organization; they have an excellent management team in place that is more than capable of elevating EmpiricAI into the next generation of technology companies.”

Bakhtiar Wain, founder, and CEO of Avanceon said, “Pakistan has tremendous potential to build IPs and businesses that are globally successful, I  have always believed real value for Industry 4.0 technology company is created  by bridging the divide between technology and business knowledge. The partnership with DHCL provides the best possible structure for this vision. Our team cannot wait to kick off this journey and create unmatchable value for our shareholders.”

The agreement will see Avanceon Limited leverage EmpiricAI’s deep vertical domain knowledge, data science and software development expertise to develop innovative AI-based Industrial IoT 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.

To know more about this agreement, contact marketing@avanceon.ae.

—End of Press Release—

About EmpiricAI – EmpiricAI aspires to be a leading provider of AI-based advanced analytics solutions that empower industries to improve yield, reduce costs, and improve reliability. By applying propriety AI models to customers’ plant data, we deliver real, quantifiable, and valuable outcomes through process optimization, energy conservation, and asset reliability. Leveraging deep vertical domain knowledge, data science, and software development expertise, EmpiricAI develops and innovates AI-based industrial IoT solutions that have a global outreach. Its purpose-built applications ingest and analyze sensor data, transforming it into actionable insights and immediate outcomes. Visit www.empiric.ai for more information.

About Octopus Digital – (PSX:ODL) – Octopus Digital helps businesses digitalize their manufacturing, supply chain, and financial workflows backed by strategic and operational maintenance support services in the US, Middle East, and South Asia. Thus, making decision support, actionable insights, and business intelligence available 24x7x365 both as managed and unmanaged service on a multi-year monthly subscription basis. Find out more about Octopus Digital at www.octopusdtl.com.

About Avanceon – (PSX: AVN) – Avanceon is an industrial automation consultation and system integration entity in Pakistan, Qatar, UAE, KSA, and United States. The company follows an ethical, proactive, and sustainable approach to business. As a leading innovator within the automation industry, Avanceon provides state-of-the-art automation solutions on three continents. Established in 1984, Avanceon is committed to providing engineering excellence to its clients and partners. Providing end-to-end solutions, which include Design, Supply, Engineering, Installation, Testing, Commissioning, and Maintenance, Avanceon’s executive management has extensive experience and insight within the automation and system integration industry. Avanceon is an ISO 9001-2015, 14001-2015, and OHSMS ISO 45001-2018 company holding certifications from TUV Austria and TRACE International. Find out more about Avanceon at www.avanceon.ae.

About Dawood Hercules – Dawood Hercules Corporation is a publicly listed investment company and the Group’s flagship investment holding company. Its sponsors are Hussain Dawood and Family. Dawood Hercules Corporation’s subsidiary is Engro Corporation. Dawood Hercules Corporation is in the business of managing its investments in its subsidiaries and associated companies. Visit www.dawoodhercules.com for more information

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