Infosys and Temasek Announce Joint Venture in Singapore
Deepthi | Myequity news | Date : 07-09-2018 10:40:00 IST
Infosys, a global leader in consulting, technology and next- generation services, today announced the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. The joint venture will integrate teams from Infosys and the operations of Temasek’s wholly owned subsidiary in Singapore, Trusted Source Pte Ltd (“Trusted Source” or the “joint venture”), which currently delivers IT services to Temasek and a number of other clients.
As part of the transaction, Infosys will acquire a 60% stake in the joint venture and Temasek will hold 40%. The agreement was signed by the parties last night and is effective immediately.
Infosys and Temasek see important synergy and strategic alignment in the joint venture. Infosys gains significant capacity in terms of workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the augmented capabilities of the joint venture entity. 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.
The joint venture will support Temasek’s digital transformation journey, managing a complex Cloud migration program that will enable Temasek to host its applications on a cloud platform.
Infosys and Temasek have named Shveta Arora, Vice President, Regional Head – South East Asia, as Chief Executive Officer. 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.
In line with Infosys’ commitment to invest in advanced technologies and skills for its workforce, employees of the joint venture will have access to the company’s world class education and training capabilities that will enable them to provide excellent professional services and have rewarding career paths.
Mohit Joshi, President, Infosys, said, “Infosys will leverage its digital skills, learning capabilities and transformation experience to help enhance operations across Temasek’s global business. Our joint venture with Temasek will accelerate our efforts in the region, enhancing our existing presence, as we help clients navigate the next journey in their business transformation. This development is a key element of our continued efforts to invest and have a presence in the regions in which we operate.”
Jon Allaway, Chief Technology Officer, 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 organization continues our growth as a Singapore-headquartered investor, with a global presence.”About Temasek:
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore. Supported by a network of international offices in 11 locations in Asia, Americas and Europe, Temasek is the owner of a US$235 billion (S$308 billion) portfolio as at 31 March 2018, with two thirds underlying exposure to Singapore and the rest of Asia. Temasek has offices in Singapore; and in New York, San Francisco, Washington D.C., São Paulo and Mexico City in the Americas; London in Europe; Beijing and Shanghai in China; Mumbai in India; and Hanoi in Vietnam.About Infosys:
Infosys is a global leader in next-generation digital services and consulting. We enable clients in 45 countries to navigate their digital transformation. With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.