VC Global Limited shares jumped in pre-market Nasdaq trading after it announced it has entered talks with data technology company Fusion Group to establish a mutually beneficial exclusive collaboration.
The consulting group said it aims to provide artificial intelligence (AI) and big data consulting services to its clients using Fusionex as its technology partner. While its primary focus is on Southeast Asia, it said it will keep opportunities open worldwide.
It noted that the global AI market was estimated to be worth between US$110 billion and US$120 billion in 2022, presenting immense growth potential.
Furthermore, it said industry projections indicate that the Asia Pacific market is poised to grow at a compound average rate of 35% to 40% from 2022 to 2030.
“Economies are frantically bridging gaps between businesses and the fast-evolving technologies such as artificial intelligence, that are made available to markets,” VC Global chairman and CEO said Dato’ Victor Hoo said.
“This collaboration is thus ideal as whilst tapping on Fusionex’s expertise, we subsequently are able to offer our consulting expertise to our vast network of members.”
VC’s shares were up 29% at $3.12 ahead of the market opening.
Contact the author at stephen.gunnion@proactiveinvestors.com