Avanceon
Publicly listed technology company in Pakistan
From Wikipedia, the free encyclopedia
Avanceon Limited is a Pakistani technology company headquartered in Lahore.
 | |
| Formerly | Innovative Automation and Engineering Ltd (IAEL) |
|---|---|
| Company type | Public |
| PSX: AVN KSE 100 component | |
| ISIN | PK0107501014 |
| Industry | Information technology |
| Founded | 2003 |
| 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 / references Financials as of 31 December 2024[update] [2] | |
Avanceon 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
Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company's majority stakes was acquired by Engro Corporation which merged it with Advanced Automation Associates (AAA) to eventually rebrand it as Avanceon.[6] Avanceon was converted to a public company in 2008.[7] Engro Corp. divested its shareholding in Avanceon in 2012.[6]
In 2014, Avanceon was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.[6]
Subsidiaries
- Octopus Digital[8]
