Temasek invests $340m in UST Global

Singapore investment company Temasek Holdings is UST Global's first institutional investor. PHOTO: ST FILE

Singapore investment company Temasek Holdings has invested US$250 million (S$340 million) in a minority stake in digital transformation solutions company UST Global.

The size of the stake was not disclosed.

Temasek is its first institutional investor, said UST Global in a statement yesterday.

Founded in 1999, UST Global's 35 offices across the world provide services such as digital customer engagement, data analytics, cloud consulting, product engineering, automation and cybersecurity solutions.

Its clients include more than 50 Fortune 500 clients, in fields such as banking, healthcare, insurance and shipping.

"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," said its chief executive Sajan Pillai.

"The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies."

Chief financial officer Krishna Sudheendra said the company is "in an exciting phase of our journey and... 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," he added.

Avendus Capital and DBS Bank were the financial advisers on this transaction.

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A version of this article appeared in the print edition of The Straits Times on June 28, 2018, with the headline Temasek invests $340m in UST Global. Subscribe