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DUBAI and ASTANA - VEON Ltd. (NASDAQ:VEON), a global provider of digital services with a market capitalization of $3.2 billion and impressive gross profit margins of 87%, has announced a collaboration between its Kazakh subsidiary QazCode and artificial intelligence company Seekr. The partnership aims to enhance QazCode’s development of AI-powered solutions for businesses. According to InvestingPro analysis, VEON’s strong financial health and current undervaluation suggest significant growth potential in its strategic initiatives.
QazCode will utilize Seekr’s enterprise AI platform, SeekrFlow, to accelerate the creation of augmented intelligence applications. This integration is expected to streamline AI solution development for QazCode’s enterprise clients, focusing on process automation, AI agents, and advanced data management. The company’s robust financial position, with annual revenue of $4 billion and EBITDA of $1.48 billion, provides a strong foundation for these technological investments.
Kaan Terzioglu, CEO of VEON Group, highlighted the importance of selecting the right partners for advancing their AI capabilities. He expressed confidence that the collaboration with Seekr will significantly enhance QazCode’s leadership in AI application development within Kazakhstan and on an international level.
The partnership is poised to bolster QazCode’s offerings to its enterprise customers and facilitate AI adoption across various business services. Rob Clark, President of Seekr, expressed enthusiasm for the collaboration, which will bring advanced generative AI technology to VEON’s subscribers and enterprise clients.
QazCode has previously made strides in the AI field, launching products with Kazakh and international companies, including the KazLLM, a large language model (LLM) developed with ISSAI NU, Astana Hub, and support from the Ministry of Digital Development. The KazLLM received the GSMA Foundry’s Artificial Intelligence Award at Mobile World Congress on February 11, 2025.
Beeline Kazakhstan, another VEON Group subsidiary, along with QazCode, has been at the forefront of leveraging digital solutions to build an ecosystem of products for its customers. VEON’s digital operator strategy has been pivotal in its growth, serving a vast customer base across six countries.
This partnership is based on a press release statement and reflects VEON’s ongoing commitment to innovation and technological advancement in the digital services sector. The company’s stock has demonstrated remarkable performance, delivering an 81% return over the past year and currently trading near its 52-week high of $48.70. For detailed analysis and additional insights, including 12 exclusive ProTips, visit InvestingPro, where you can access comprehensive research reports and advanced financial metrics.
In other recent news, VEON Ltd. reported a strong financial performance for the fourth quarter of 2024, with total revenue reaching $4 billion, an 8.3% increase from the previous year. The company’s digital revenue saw a notable rise of 63%, contributing significantly to overall growth. Following the earnings announcement, Benchmark analysts raised the price target for VEON shares to $60, maintaining a Buy rating, reflecting optimism about the company’s strategic direction and performance in digital segments. Additionally, VEON has announced a partnership with Airspan Networks to enhance Ukraine’s telecommunications infrastructure, part of a $1 billion investment plan to rebuild the country’s digital framework by 2027. In another development, VEON appointed Anand Ramachandran as the new Corporate Development Officer, who will lead the Mergers & Acquisitions and Investor Relations teams starting May 2025. These recent developments highlight VEON’s strategic focus on growth and innovation, positioning the company for continued success in the digital and mobile sectors.
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