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ST Telemedia eyes controlling stake in US cloud service provider 2nd Watch
ST Telemedia is acquiring a controlling stake in US cloud service provider 2nd Watch. The investment, which is pending regulatory approval, will add to the Temasek-owned company's expanding cloud IT platform and allow it to participate in the US market. ST Telemedia is an investor specialising in communications, media and technology businesses.
All existing shareholders of 2nd Watch such as Madrona Venture Group, Columbia Capital and Delta-v Capital, among others, will continue to retain a significant shareholding in the company following the investment.
Founded in 2010, 2nd Watch offers managed cloud services, including providing strategy consulting for and management of clients’ IT (information technology) infrastructure that resides in hybrid cloud environments.
With the investment, 2nd watch will be able to accelerate its international expansion and deliver a broader set of infrastructure software solutions through ST Telemedia’s international network on top of having access to its infratech capabilities, said ST Telemedia.
Over the past few years, ST Telemedia has invested significantly in data centres and artificial technology-driven, cloud-centric businesses.
In May, it announced that its unit ST Telemedia Global Data Centres is teaming up with Frasers Property to build a new data centre in Bangkok.
In January, it acquired a majority stake in Singapore-based cloud computing firm, Cloud Comrade.
"ST Telemedia has extensive experience in helping companies accelerate their global scale and reach and successfully operate in multiple regions," said Stephen Miller, president and group CEO of ST Telemedia.
"Combining our infrastructure technology portfolio with our position in data centres, ST Telemedia has a unique presence in the global cloud IT ecosystem to ignite adjacent growth across our portfolio."
The transaction is subject to customary closing conditions, including regulatory approvals.