Avanceon
Avanceon is a Pakistani software company based in Lahore, Pakistan. It was founded in 1989 by Bakhtiar Wain.[1] The company is listed on the Pakistan Stock Exchange.
History[edit]
Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company started providing turnkey automation, instrumentation, and engineering solutions.[1]
In 2003, Engro Corporation acquired majority stakes in the company of Innovative Automation and Engineering Ltd.[1]
In 2007, Engro acquired stakes in Advanced Automation Associates (AAA) to expand in the North American market.[1] Subsequently, the entire operations of IAEL and AAA were merged and the company was rebranded as Avanceon.[1]
In 2012, Engro divested their investment, therefore, Wain and its associates regained the majority of the shareholding.[1]
In 2014, the company offered initial public offering (IPO) and was listed on the Pakistan Stock Exchange.[1]
References[edit]
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