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26 February 2024

Presight AI announces intention to list on ADX via Initial Public Offering

Published
By WAM

Presight AI Holding, a G42 company and a big data analytics company powered by artificial intelligence (AI), today announced its intention to carry out an Initial Public Offering (IPO) and subsequently list its shares on the Abu Dhabi Securities Exchange’s (ADX) first market.

On 3rd March 2023, the UAE Securities and Commodities Authority approved the Company’s application for the IPO.

Presight, a public company limited by shares, incorporated in the Abu Dhabi Global Market, supports public services and commercial businesses of all magnitudes by unlocking positive societal impact with omni analytics and AI to deliver insight-driven decision-making across every sector at scale.

The Company’s solutions are deployed across three core sectors with significant potential for impact and innovative market growth; public services, finance, and sports. Presight continues accelerating into priority sectors, channelling advanced data analytics to predict environmental impact, enable efficient infrastructure use, and transform educational outcomes.

The Company’s proprietary Transformative Analytics Quotient (TAQ) platform has enabled Presight to deliver unmatched digital transformation for its customers across the globe.

TAQ integrates all-source data into adaptive AI algorithms to deliver actionable insights across the sectors in which Presight operates. The platform enables clients to understand historical performance effectively, forecast more accurately, and make timely decisions in the best interests of customers and the public at large.

Presight has entered into a cornerstone investment agreement with International Holding Company (IHC), through which IHC has committed to invest in the planned IPO. This cornerstone investment agreement demonstrates the confidence IHC has in Presight’s growth trajectory and paves the way for further collaboration and growth opportunities regionally and globally.

Mansoor Al Mansoori, Chairman of Presight, said, “Presight was initially conceived in 2020 to deliver analytics-driven, cloud-first AI-enabled solutions for public and private businesses in the Middle Eastern ecosystem. Presight’s journey has evolved rapidly since its inception. It is now positioned as the region’s leading big data analytics company powered by AI, trusted with country-level strategic mandates to drive digital transformation and innovation.

"Through our proprietary Transformative Analytics Quotient platform, Presight enables insight-driven decision-making to unlock positive societal impact with omni-analytics and AI.”

Since its establishment, Presight has demonstrated an exceptional track record in combining big data, analytics and AI expertise to deliver solutions. The Company has successfully delivered numerous high-impact projects with business and societal value creation at the core. Presight was integral to managing the COVID-19 pandemic in the UAE and to welcoming 24 million visitors safely to Expo 2020 Dubai.

Thomas Pramotedham, CEO of Presight, said, “We have delivered a strong track record of profitability, with the highest net margins amongst leading AI and cloud organizations with similar digital products and services. We are complemented by a sophisticated leadership team with deep sector expertise and highly predictable revenue streams. Through our long-term committed contracts, we are well positioned to deliver strong returns to shareholders and stakeholders throughout the business.”

With TAQ at the core, powering 10 flagship solutions and more than 100 AI models, Presight supports its clients and partners to unlock positive societal change through insight-driven decision marking.