KUALA LUMPUR, Malaysia, June 24, 2024 (GLOBE NEWSWIRE) — VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG” or the “Company”) has entered into an agreement to invest up to US$30 million in TalkingData Group Holding Limited.
TalkingData Group Holding Limited (“TalkingData”) is one of Asia’s leading providers of big data analytics and AI-powered solutions, serving leading global brands such as Google, Yahoo, L’Oreal, PepsiCo and Nike. TalkingData is backed by notable investors including China Resources Capital (“CR Capital”), SoftBank’s SB China Venture Capital (SBCVC), JD.com, VMS Asset Management and Northern Light Venture Capital. The investment makes VCIG a majority shareholder in TalkingData and grants VCIG exclusive rights to TalkingData’s data AI products and services in Southeast Asia, strengthening its footprint in the rapidly expanding data analytics space.
TalkingData plans 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 TalkingData’s previous funding round at a valuation of US$1.13 billion. This year, Hong Kong’s RCW Capital Limited participated in the investment round. Going forward, TalkingData plans to pursue a public offering in the US market in the near future, reflecting its ambitions for continued growth and market leadership.
“We are excited to partner with VCIG, with its deep expertise in capital markets and technology, which will help us expand our footprint in Southeast Asia and capitalize on the burgeoning data analytics market in the region,” said Leo Cui Shaobo, CEO of TalkingData.
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global, said: “This strategic stake marks an important milestone and catalyst for VCIG’s growth. Our partnership with TalkingData and exclusivity for their data AI solutions in Southeast Asia positions us at the forefront of the dynamic data analytics sector in the region. We look forward to leveraging this opportunity to drive innovation, deliver value and strengthen our market leadership in the coming years.”
About VCI Global Limited
VCI Global is a diversified holding company. Through its subsidiaries, it is focused on consulting, fintech, AI, robotics and cybersecurity. Based in Kuala Lumpur, Malaysia, its primary business is focused in Asia with a significant presence across Asia Pacific, the US, Europe and the Middle East. VCIG primarily provides capital markets, real estate, AI and technology consulting services. In its technology business, it operates a proprietary fundraising platform serving businesses and individuals, and a secure messaging platform serving governments and organizations. It also invests, incubates, accelerates and commercializes AI and robotics businesses and technologies.
For more information about the company, please visit https://v-capital.co/.
About TalkingData Group Holding Limited
TalkingData is a leading data intelligence service provider in China, focusing on transforming enterprises and improving people’s lives through data-driven decision-making. TalkingData has built a robust ecosystem with a focus on connectivity, security and data sharing. Covering over 2 billion unique smart devices (including smartphones, tablets, smart TVs and wearable devices), TalkingData offers unique and best-in-class mobile big data services for mobile developers and mobile-first enterprises.
For more information about TalkingData, please visit www.talkingdata.com.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve various risks and uncertainties. These statements include statements regarding our ability to expand our business and other statements that are not historical facts (including statements containing words such as “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “estimates,” “seeks,” “believes,” “hopes,” “potential” and similar words). Actual results may differ materially from those described in these forward-looking statements due to certain factors, including our ability to operate our business profitably, customer acceptance of new products, the impact of the spread of the coronavirus (COVID-19), future actions taken by authorities in countries in which we have supply chain partners, demand for our products and the economic condition of our customers, the impact of competitive products and pricing, management success, general economic conditions, and other risk factors detailed in our filings with the U.S. 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 we assume no responsibility to update any forward-looking statements in this press release, except in accordance with applicable law.
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