SINGAPORE - Temasek Holdings will partner with digital services and consulting firm Infosys to form a joint venture to support Temasek's digital transformation journey, the two companies announced on Friday (Sept 7).
The joint venture will integrate teams from Infosys and the operations of Temasek's wholly owned subsidiary in Singapore, Trusted Source, which currently delivers IT services to Temasek and a number of other clients. Temasek is a Singapore government-owned investment firm.
As part of the transaction, Infosys will acquire a 60 per cent stake in the joint venture and Temasek will hold 40 per cent. The agreement was signed by the parties on Thursday night and is effective immediately.
Trusted Source will provide Temasek and its other clients in the region solutions and technologies across Cloud, Data & Analytics, Cybersecurity, Digital Experiences and AI & automation, and more. It will bolster Temasek's digitalisation by managing a complex cloud migration program that will enable Temasek to host its applications on a cloud platform.
Infosys and Temasek have named Infosys' South-east Asia regional head Shveta Arora as chief executive officer of the new venture.
The joint venture will be headquartered in Singapore, and more than 200 employees and contractors from Trusted Source will be part of it on establishment, in addition to Infosys staff who will join over time.
Jon Allaway, chief technology officer of Temasek, said "We warmly welcome the opportunity to build this joint venture with Infosys, and provide those who support our business, at Trusted Source, the ability to further develop their careers with one of the world's leading technology service providers. The partnership will also help unlock new capabilities and technology platforms that help Temasek as the organisation continues our growth as a Singapore-headquartered investor, with a global presence."
The move came shortfly after Temasek announced a new cyber security joint venture with Singapore telco Starhub. The Temasek-Starhub unit will be called Ensign InfoSecurity, and it brings together the cyber security units of Starhub and Temasek's Certis group.