Indian software service exporter Infosys Ltd has partnered with Singapore state investment firm Temasek Holdings for the purpose of accelerating up its Southeast Asia operations and strengthen its skills in the emerging technology space mainly in artificial intelligence. Both the companies will acquire a stake in Singapore-based Trusted Source Pte Ltd.
Infosys will be acquiring a 60% stake in the company while Temasek Holdings will take over the remaining. Trusted Source is at present a wholly owned unit of Temasek. The company offers IT services to the investment firm and other clients.
The amount of the deal is expected to be around 12 million Singapore dollars ($8.7 million). The amount will exclude adjustments for working capital, cash and net debt on closing. The deal is expected to close before the end of March 2019.
Today, we announced the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. The JV will support Temasek’s #DigitalTransformation journey, managing a complex #cloud migration. Read the press release here: https://t.co/BIQqhcyYq0
— Infosys (@Infosys) September 7, 2018
The basic purpose of the partnership is to offer technology solutions for customers in Southeast Asia across cloud, data analytics, cybersecurity, digital experiences, AI and automation. The newly formed venture will combine teams from Infosys and the operations of Trusted Source.
“We will leverage our digital skills, learning capabilities and transformation experience to help enhance operations across Temasek’s global business. The JV will accelerate our efforts in the region, enhancing our existing presence, as we help clients navigate the next journey in their business transformation,” said Mohit Joshi, president at Infosys.
Shveta Arora, vice president at Infosys has been named the chief executive of the joint venture. The Infosys staff will join the venture in some time and along with that it will have more than 200 employees and contractors from Trusted Source.
Also, with this acquisition, Temasek’s digital transformation will get a good support in managing a cloud migration programme that will enable it to host its applications on a cloud platform.