Temasek to acquire minority stake in UST Global

PTI Thiruvananthapuram | Updated on June 27, 2018 Published on June 27, 2018

UST Global, a leading digital transformation solutions company, today said Temasek, a global investment company, would invest $250 million and acquire a minority stake in the company.

‘Definitive agreements’ in this regard have been reached between UST and Temasek, the Singapore headquartered company, UST Global officials told reporters here.

Temasek is the first institutional investor in UST Global, which is valued at north of $1 billion, making it the first homegrown unicorn in Kerala IT scene.

The investment marks a milestone for UST Global, whose technologies and solutions have helped drive rapid digital progression for its clients.

Sajan Pillai, CEO, UST Global, said 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, he said.

“The partnership with Temasek will allow us to further ourreach so that we can partner our clients in designing their digital impact strategies”, he said.

Krishna Sudheendra, CFO, UST Global, said the company was in an exciting phase of its journey.

While it is a leading player in the digital technologies space, UST believes there are many bigger opportunities for it ahead, especially given the pace at which technology is evolving.

Apart from organic expansion, there are significant avenues for growth through the acquisition of niche players with complementary offerings, he said.

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

UST Global provides advanced computing and digital services to large private and public enterprises around the world.

Its clients include Fortune 500 companies in banking and financial services, healthcare, insurance, retail, technology, manufacturing, shipping, and telecom.

The company caters to technology and innovation requirements of multinational corporations providing end-to-end solutions including digital customer engagement, data analytics, cloud consulting, product engineering, automation and cybersecurity solutions.

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Published on June 27, 2018
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