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Temasek takes minority stake in UST Global
TEMASEK has invested in UST Global, the digital transformation solutions company announced on Wednesday night.
Media reports say that the Singapore global investment company will be taking a minority stake for US$250 million.
UST Global's 35 offices across the world provide services such as digital customer engagement, data analytics, cloud consulting, product engineering, automation and cyber security solutions to multinational corporations,
Avendus Capital and DBS Bank were the financial advisers on this transaction.
Sajan Pillai, chief executive of UST Global, said in a statement: "As the physical and the digital worlds converge, the current leaders of the physical world seek to adjust to the new digital realities and to new emerging competition. UST is perfectly positioned to provide this digital bridge. The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies."
Krishna Sudheendra, its CFO, said: "We are in an exciting phase of our journey; and while we are a leading player in the digital technologies space, we believe there are many bigger opportunities for us ahead - especially given the pace at which technology is evolving. Apart from organic expansion, we see significant avenues for growth through the acquisition of niche players with complementary offerings. Our relationship with Temasek will help us achieve our strategic objectives."
Temasek owns a S$275 billion portfolio as at March 31, 2017.