Digital technology services player UST Global has become the first Kerala-based ‘unicorn’, with Singapore-based private equity behemoth Temasek announcing an infusion of $250 million for an undisclosed minority stake.

Avendus Capital and DBS Bank were the financial advisors to the transaction, a company spokesperson said here on Wednesday. The top executives addressed newspersons here as well as ‘live’ from the US.

Temasek also become the first institutional investor in UST Global, according to Sajan Pillai, President of the California-, Singapore- and London-based company with a development centre in Thiruvananthapuram.

Temasek will get represented on the board of UST Global, which was founded in 1999 and counts 50 Fortune 500 companies as customers for its digital technology solutions.

Pillai clarified that there is no major organisational change planned in the wake of Temasek’s entry, which, he said, also marked the first time that the PE player looked at an IT and digital services company for investing in.

UST Global caters to technology and innovation requirements of MNC clients providing end-to-end solutions including digital customer engagement, data analytics, cloud consulting, product engineering, automation and cybersecurity solutions.

UST Global combines internally developed IP and a well curated list of technology partners to offer best-in-class solutions deployed through its platforms, Pillai said.

Krishna Sudheendra, CFO, UST Global, said the entry of Temasek would help with not just organic expansion but also open up significant avenues for growth through acquisition of niche players with complementary offerings.

Others who addressed newspersons through videconferencing were Paras Chandaria, Chairman; and Manu Gopinath, Chief People Officer. The management of the local centre was represented by Arun Narayanan, Chief Operating Officer; and Alexander Varghese, Chief Administrative Officer.

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