Bahrain’s Investcorp invests in Chinese smart city developer
The company did not disclose the size of its investment in Terminus Technologies
Investcorp invested in Chinese smart services company Terminus Technologies as it continues to expand its portfolio of technology companies.
Terminus specialises in the construction of smart cities using the latest technology such as artificial intelligence and the Internet of Things, Investcorp said on Monday.
The investment in Terminus Technologies “will not only contribute to the company’s growth, but it also reflects its confidence in the overall AI city layout and business model promoted by Terminus Technologies”, it said.
The Bahrain asset manager, which counts Mubadala Investment Company as its biggest shareholder, did not disclose the total value of its investment.
“China and its respective enterprises have accumulated considerable experience in AI [and] IoT, resulting in the number of companies growing at a scale never heard of before,” said Hazem Ben-Gacem, co-chief executive of Investcorp.
“Investcorp is optimistic about the market development prospect and the growth of China’s AI economy.”
Set up in 2015, Terminus Technologies began constructing its first smart city project in Chongqing this year. The company is also working with Expo 2020 Dubai.
“We believe that the world is in the midst of transforming from the age of the internet to the age of intelligence,” said Victor Ai, founder and chief executive of Terminus Technologies.
“This transformation will have substantial near and long-term implications for global economies, making the coming decade the beginning of the era of so-called intelligent economies.”
Investcorp – which has invested significantly in US, European and Asian businesses in sectors such as data, security, FinTech and e-payments – is building its technology portfolio amid the Covid-19 pandemic.
The company plans to spend “a significant proportion” of its annual private equity allocation, which is between $1 billion and $2bn (Dh3.67bn and Dh7.34bn), on technology assets over the next two years.
It will focus on assets in FinTech, cyber security and education technology, Gilbert Kamieniecky, head of Investcorp’s technology private equity business, told The National in May.
Investcorp acquired Germany-based cyber-security company Avira for $180 million earlier this year.
The company provides software that offers protection against viruses, malware, ransomware and other cyber threats.
Updated: September 7, 2020 08:04 PM