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Avanceon

From EverybodyWiki Bios & Wiki

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]

  1. 1.0 1.1 1.2 1.3 1.4 1.5 1.6 Hassan, Taimoor (December 31, 2018). "While PSX has a horrible year, one company more than doubled its share price".


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