VCI Global Acquires Large Stake in a US$1.1 Billion Valuation AI Technology Company
June 24 2024 - 7:29AM
VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the
“Company”), has signed an agreement to invest up to US$30 million
in TalkingData Group Holding Limited.
TalkingData Group Holding Limited
(“TalkingData”), is one of Asia’s largest providers of big data
analytics and AI-powered solutions, serving major global brands
such as Google, Yahoo, L’Oréal, PepsiCo, and Nike. TalkingData is
backed by prominent investors, including China Resources Capital
(“CR Capital”), Softbank’s SB China Venture Capital (SBCVC),
JD.com, VMS Asset Management, Northern Light Venture Capital, among
others. This investment leads VCIG to emerge as a substantial
shareholder in TalkingData as well as granting VCIG exclusive
rights for TalkingData’s data AI products and services in Southeast
Asia, thereby enhancing its footprint in the rapidly expanding data
analytics sector.
TalkingData intends to leverage VCI Global’s
expertise in both capital markets and technology to strengthen its
presence and capabilities in Southeast Asia. Last year, CR Capital
led the previous funding round for TalkingData at a valuation of
US$1.13 billion. This year, R.C.W. Capital Limited from Hong Kong
is participating in this investment round. Looking ahead,
TalkingData plans to pursue a public listing on the US market in
the near future, reflecting its ambitions for continued growth and
market leadership.
“We are delighted to partner with VCIG, whose
deep expertise in capital markets and technology will be
instrumental as we expand our footprint in Southeast Asia and
capitalize on the region’s burgeoning data analytics market,” said
Leo Cui Xiaobo, Chief Executive Officer of TalkingData.
Dato’ Victor Hoo, Group Executive Chairman and
Chief Executive Officer of VCI Global stated, “This strategic stake
acquisition marks a significant milestone and catalyst for VCIG’s
growth. Our partnership with TalkingData and the exclusive rights
to their data AI solutions in Southeast Asia position us at the
forefront of the region’s dynamic data analytics sector. We look
forward to leveraging this opportunity to drive innovation, deliver
value, and strengthen our market leadership in the years
ahead.”
About VCI Global Limited
VCI Global is a diversified holding company.
Through its subsidiaries, it focuses on consulting, fintech, AI,
robotics, and cybersecurity. Based in Kuala Lumpur, Malaysia, our
main operations are centered in Asia, with significant visibility
across Asia Pacific, the United States, Europe, and the Middle
East. VCIG primarily offers consulting services in capital markets,
real estate, AI, and technology. In technology businesses, the
company operates a proprietary financing platform that serves
companies and individuals, as well as a secured messaging platform
serving governments and organizations. We also invest, incubate,
accelerate, and commercialize businesses and technologies in AI and
robotics.
For more information on the Company, please log on to
https://v-capital.co/.
About TalkingData Group Holding Limited
TalkingData is a leading data intelligence
service provider in China, dedicated to transforming enterprises
and improving human life through data-driven decisions. TalkingData
builds a robust ecosystem focused on connectivity, security, and
data sharing. With the coverage of more than 2.0 billion unique
smart devices (including smart phones, tablets, smart TVs, wearable
devices, etc.) TalkingData offers unique and best-in-class mobile
big data services for mobile developers and mobile-first
enterprises.
For more information on TalkingData, please
visit www.talkingdata.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are subject to various risks and uncertainties.
Such statements include statements regarding the Company’s ability
to grow its business and other statements that are not historical
facts, including statements which may be accompanied by the words
“intends,” “may,” “will,” “plans,” “expects,” “anticipates,”
“projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,”
“potential” or similar words. Actual results could differ
materially from those described in these forward-looking statements
due to certain factors, including without limitation, the Company’s
ability to achieve profitable operations, customer acceptance of
new products, the effects of the spread of Coronavirus (COVID-19)
and future measures taken by authorities in the countries wherein
the Company has supply chain partners, the demand for the Company’s
products and the Company’s customers’ economic condition, the
impact of competitive products and pricing, successfully managing
and, general economic conditions and other risk factors detailed in
the Company’s filings with the United States Securities and
Exchange Commission (SEC). The forward-looking statements contained
in this press release are made as of the date of this press
release, and the Company does not undertake any responsibility to
update the forward-looking statements in this release, except in
accordance with applicable law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limitedenquiries@v-capital.co
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