Avanceon
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| Formerly | Innovative Automation and Engineering Limited (1989–2007) |
|---|---|
| Type | Public |
| PSX: AVN KSE 100 component | |
| ISIN | PK0107501014 |
| Industry | Information technology |
| Founded | 1989 |
| Founder | Bakhtiar Hameed Wain |
| Headquarters | The Avanceon Building, Main Multan Road, Lahore |
Area served | Pakistan, Qatar, United Arab Emirates |
Key people | Bakhtiar Hameed Wain (CEO) Khalid Hameed Wain (Chairman) |
| Revenue |  Rs. 16.156 billion (US$58 million) (2024) |
| Rs. 1.762 billion (US$6.3 million) (2024) | |
| Rs. 2.008 billion (US$7.2 million) (2024) | |
| Total assets |  Rs. 28.162 billion (US$100 million) (2024) |
| Total equity | Rs. 13.974 billion (US$50 million) (2024) |
Number of employees | 246 (2022)[1] |
| Subsidiaries | Avanceon FZE Dubai Avanceon Automation & Control W.L.L Qatar Octopus Digital |
| Website | avanceon |
| Footnotes Financials as of 31 December 2024[update] [2] | |
Avanceon Limited is a Pakistani industrial automation, process control, and system integration company headquartered in Lahore. Its subsidiaries include Avanceon FZE Dubai,[3] Avanceon Automation & Control W.L.L Qatar,[4] Octopus Digital,[5] and Avanceon Saudi for Energy Co. WLL.
History
[edit]1989–2003: Early history
[edit]Avanceon's origins trace back to 1984, when Bakhtiar Hameed Wain, an engineer who previously worked at Exxon Chemicals, Fauji Fertilizer, and ICI, founded an industrial automation firm in Exton, Pennsylvania.[6][7] In 1989, Wain established the Pakistan operation as Innovative Automation and Engineering Ltd (IAEL), initially focused on programming programmable logic controller (PLC) systems and providing automation support for food and beverage companies.[8][9]
2003–2012: Under Engro ownership
[edit]Avanceon Limited was incorporated as a private limited company in Pakistan on 26 March 2003. In the same year, Engro Corporation acquired a majority stake in IAEL.[10]
In 2007, Engro Innovative Inc., the U.S. investment arm of Engro, acquired the Pennsylvania-based Advanced Automation Associates (AAA). Engro Corporation then unified its automation holdings, IAEL in Pakistan, Engro Innovative Automation Ltd (EIAL), and Advanced Automation in the United States, into a single company named Avanceon, derived from the French word avance and the English word eon, meaning "progressing, forever".[9] Avanceon was converted to a public company in 2008.[11]
In 2012, Engro divested its shareholding in Avanceon back to the founding management.[10]
2012–present: IPO and growth
[edit]In 2014, Avanceon completed its initial public offering on the Karachi Stock Exchange (now the Pakistan Stock Exchange) at a strike price of PKR 14 per share.[10]
In 2017, Avanceon incorporated Octopus Digital as a subsidiary to handle its After Market Support (AMS) services on a recurring revenue basis.[12] In the same year, it also established Avanceon Automation & Control LLC in Qatar. In 2020, Avanceon founded Avanceon QFZ LLC in the Qatar Free Zones Authority.[13]
In October 2022, Avanceon acquired Dawood Hercules Corporation's artificial intelligence subsidiary EmpiricAI in exchange for a 5.68% stake in Octopus Digital.[14]
In January 2023, VINCI Energies, a subsidiary of French infrastructure conglomerate VINCI, acquired Avanceon's United States operation, Avanceon LLC, based in Exton, Pennsylvania.[7][15] Avanceon FZE withdrew its 25.056% partnership interest in Avanceon LP in Pennsylvania in exchange for a payment of US$1.5 million, retaining the rights to the Avanceon trademark in all territories outside the United States, Canada, and Mexico.[16] The US entity was integrated into VINCI Energies' Actemium network.[7]
In April 2023, Avanceon Saudi for Energy Company, a wholly owned subsidiary of Avanceon FZE Dubai based in Riyadh, formed a joint venture with ZOMCO (Zamil Operations & Maintenance Co.), a subsidiary of the Saudi Zamil Group, and established Avanceon Arabia InfoTech WLL.[17]
Subsidiaries
[edit]- Octopus Digital
References
[edit]- ↑ "Annual Report 2022" (PDF). Avanceon Ltd. April 2023. Retrieved 16 July 2023.
- ↑ "Avanceon Limited Annual Report 2024" (PDF). Retrieved 27 April 2025.
- ↑ "Avanceon signs $3.6m contract with Dubai Metro". DAWN.COM. 2 September 2021. Retrieved 24 July 2023.
- ↑ "Avanceon's subsidiary awarded major municipality contract in Qatar". Profit by Pakistan Today. 5 July 2023. Retrieved 24 July 2023.
- ↑ "Avanceon subsidiary Octopus Digital to go public". Profit by Pakistan Today. 11 October 2020. Retrieved 24 July 2023.
- ↑ "An interview with Bakhtiar H. Wain, CEO Avanceon Pakistan". Business Recorder. 26 April 2021.
- 1 2 3 "VINCI Energies acquires Avanceon LLC". VINCI Energies.
- ↑ "Avanceon: Pakistan's Global Industrial Automation". VCast Online. 15 January 2026.
- 1 2 "Avanceon and its Ace cards". Profit by Pakistan Today. 5 July 2020.
- 1 2 3 Hassan, Taimoor (31 December 2018). "While PSX has a horrible year, one company more than doubled its share price". Profit by Pakistan Today. Retrieved 24 July 2023.
- ↑ "Avanceon Limited". Business Recorder. 12 June 2023. Retrieved 24 July 2023.
- ↑ Hassan, Taimoor (16 October 2022). "The rising Octopus". Profit by Pakistan Today. Retrieved 16 July 2023.
- ↑ "Avanceon Strengthens its Middle East Footprint with the Establishment of a New Wholly Owned Subsidiary in Qatar Free Zone". 17 November 2020.
- ↑ "Dawood Hercules sells unit". Dawn. 7 October 2022.
- ↑ "Vinci: acquires Avanceon in the United States". MarketScreener.
- ↑ "Avanceon Limited Annual Report 2022" (PDF). Avanceon.
- ↑ "'Avanceon, ZOMCO JV an opportunity for Pakistan'". The Express Tribune. 18 April 2023.
