ANNUALREPORT
www.octopusdtl.com
ANNUALREPORT
www.octopusdtl.com
Octopus Digital believes in liberating trapped data in legacy systems and data warehouses offered by a limited number of dominant players who still want to maintain the status quo in this digital world. We are the answer to breaking free our customers from that legacy and vendor locking, thus opening a window of freedom to realize tangible benefits of big data analytics on cloud-based platforms and offerings at scale with no upfront cost.
1
Letter from the
Chief Executive Officer
Dear Shareholders & Associates
Serving Avanceon as president since 2020 has been an enriching experience. The leadership at Avanceon is ready and capable of taking the company to new heights. I have now assumed a new and much more challenging role in building Octopus Digital Limited as its Chief Executive Officer. I am honoured that the Octopus Digital Board has reposed confidence in me to build upon the hard work Bakhtiar H. Wain, Asmar Aatif, and the team have put in. Even though Octopus Digital will take up my full attention, I will remain a part of a Stewardship body to guide and advise the new leadership at Avanceon.
This year our focus remained on testing OmniConnect™, our digital platform, for its market fit, finding some use cases, and cultivating new partners in line with our go-to-market strategy.
I would say the market response is enough validation to scale our product. The process of market awareness, education, and selection entails much greater learning of how to reduce the cycle time but also points to the aspect of the second leg of the customer journey of onboarding, use, and growth, which is the ultimate success factor in making our product stick in the ARR (Annual Recurring Revenue) model of the subscription.
Being a product company launching new products has been part of our strategy. It could either be an organic development route that needed resources and time to build the capability or go for an acquisition that circumvents the lengthy process. I'm pleased to announce that we completed the acquisition of Empiric AI and its integration within Octopus Digital this year. This strategic buyout will create a synergy to roll out new products faster into the market and unify data on the cloud and asset optimization.
Our marketing spend remains unutilized due to delayed hiring, marketing
plan finalization, high involvement in acquisition, and founder phase challenges. We are ready to launch our marketing initiatives next year,
which will likely provide much-awaited impetus to our business development and sales.
Our After Market Support arm of the Octopus Digital business showed once again steady growth despite the import-related challenges in Pakistan that impacted the local business. However, our international business kicked in, and we closed the year with a stellar financial performance showing 92% and 20% growth in PAT and revenues, respectively.
Next year we will put our energies and resources into scaling our Digital and AMS businesses in the international markets, finding, developing, and driving channel partners through channel enablement, and beefing up sales teams and sales cadence. We will be kicking in our marketing to come for the aid of sales to speed up opportunity creation and closing.
The future outlook is positive, and we, as always, will keep striving to create value for our stakeholders.
Yours Sincerely,
Tanveer Karamat
Chief Executive Officer
Octopus Digital Limited
2 Annual Report 2022
Company
Information
Directors
Bakhtiar Hameed Wain
Director / Chairman
Asmar Ahmed Atif
Director
Tanveer Karamat
Director / Chief Executive Officer
Mohammad Shahid Mir
Director
Junaid Mushtaq Paracha
Director (Resigned Director Casual Vacancy Jan 24, 2023)
Mohammad Arif Janjua
Appointed Director Jan 24, 2023
Adeel Khalid
Director
Saleha Asif
Director
Saeed Ullah Khan Niazi
Chief Financial Officer
Ahsan Khalil (ACA-FPFA)
Company Secretary
Audit Committee
Mohammad Shahid Mir
Chairman
Bakhtiar Hameed Wain
Member
Mohammad Arif Janjua
Appointed Director Jan 24, 2023
Human Resource &
Renumeration Committee
Saleha Asif
Chairman
Mohammad Shahid Mir
Member
Bakhtiar Hameed Wain
Member
Tanveer Karamat
Member
Auditors
BDO Ebrahim & Co.
Chartered Accountants
Bankers
Faysal Bank Limited, Pakistan
JS Bank Limited,
MCB Islamic Bank Pakistan
Dubai Islamic Bank
Share Registrar
FAMCO Associates (Pvt) Ltd. 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S, Shahra-e-Faisal, Karachi. Phone: +92 (21) 3438 0101-5 Fax No: +92 (21) 3438 0106 www.famco.com.pk
Registered Office
The Avanceon Building
19-KM , Main Multan Road, Lahore 54660, Punjab, Pakistan Phone: +92 (42) 111 940 940 Fax No: +92 (42) 375 151 28 Email: support@octopusdtl.com
Legal Advisor
Cheema & Ibrahim
Web Presence
www.octopusdtl.com www.avanceon.ae www.avanceon.qa Phone: +92 (42) 111 940 940
Fax: +92 (42) 375 151 28 Email:support@octopusdtl.com
Headquarters
Lahore, Punjab, Pakistan
The Avanceon Building
19-KM, Main Multan Road, Lahore, 54660 Punjab, Pakistan Phone: +92 (42) 111 940 940 Email: support@Octopusdtl.com
Regional Headquarters
Karachi, Sindh, Pakistan
MA Tabba Foundation Building, First Floor, Gizri Road Block 9, Clifton Karachi, Sindh 75600 Phone: +92 (21) 111 940 940 Email: support@Octopusdtl.com
Regional Headquarters
- Middle East
Avanceon FZE - Dubai, UAE
FZS1 BD04 JAFZA P.O. Box 18590 Dubai, United Arab Emirates Phone: +971 4 88 60 277
Abu Dhabi, UAE
In Partnership with Ali & Sons Ali &Sons Bldg., Zayed 2nd Street P.O. Box 915 Abu Dhabi, U.A.E. Phone: +971 4 88 60 277
Doha, Qatar
Avanceon Automation Control WLL
Office No. 12, M Floor, Al-Jaber
Engg. HO Building, P.O. Box 15976,
Fox Hills, Lusail, Doha, Qatar.
Phone: +974 4040 9835
Avanceon QFZCO LLC PA-WH-04, Unit 16
Ras Bufontas Free Zone Doha Qatar Phone: +974 4040 9835
Email: support@avanceon.qa
Avanceon Saudi Energy Company 3141 Anas Ibn Malik-Al Malqa Dist. Unit no. 718, Riyadh 13521 - 8292 Kingdom of Saudi Arabia
Phone: +966 5674 16724
Email: support.mea@avanceon.ae
Trade Mark
3
Board of
Directors
Bakhtiar Hameed Wain
Chairman
Bakhtiar brings over 30+ years of exemplary leadership. He played a key role in growing Avanceon to where it is today. He founded Avanceon in 1984 and later Octopus in 2019.
Tanveer Karamat
Executive Director and Chief Executive Officer
Tanveer brings a wealth of international business experience to Octopus. He has 20+ years of international experience in managing & selling automation solutions to a variety of industrial sectors. In year 2023 he was appointed as cheif executive officer. He now servers as executive director. Prior to 2023 he was serving as non-executive director.
Mohammad Shahid Mir
Independent Director
A senior management professional with 32 years of experience in Corporate and Commercial banking, Risk Management, Credit Administration and Trade Finance. Over the last sixteen years, Mr. Mohammad Shahid Mir has held senior positions in Wholesale Banking and Risk Management. On the business side he has a proven track record of growing business and exceeding budgets whilst ensuring portfolio health remained within accepted parameters. Mr. Mir has strong knowledge of Economy & Banking in Pakistan and the GCC region.
Saleha Asif
Independent Director
Saleha has experience in serving boards and C-level clients globally for 25+ years.
She has worked with McKinsey & Company, PepsiCo, and Bank of America.
Mohammad Arif Janjua
Non-Executive Director
Arif Janjua has over 35 years' experience in operational management and consulting in the software, mobile and internet services industry. Arif received his bachelor's in electrical engineering from the University of Engineering & Technology in Lahore, Pakistan, master's in electrical engineering from the University of Windsor, Canada, and an MBA from the Haas School of Business at UC Berkeley.
Asmar Ahmed Atif
Executive Director
Asmar works at the intersection of business, technology & regulation. His career spans over 15 years & 4 continents across the Artificial Intelligence space. He holds an MBA from Imperial College London.
Adeel Khalid
Executive Director
Adeel has 15+ years of experience of managing Middle East and Central Asia AMS business. He has expertise in resource management systems via Digital Technology.
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Octopus Digital Ltd. published this content on 22 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 May 2023 12:39:00 UTC.