UST Global, a digital transformation solutions company on Wednesday said it has raised an undisclosed amount from Singapore’s Temasek Holdings for a minority stake.
Founded in 1999, UST Global offers digital technology solutions to Fortune 500 companies across various geographies. 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.
UST Global claims to have built a range of platform solutions across healthcare, cybersecurity and talent management, and automated operations. The company has regional headquarters in California, Singapore and London, and over 35 offices across the world.
“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. The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies,” said Sajan Pillai, chief executive, UST Global.
Temasek is the first institutional investor in the company.
The fund-raise will help UST Global to grow through inorganic opportunities, said a senior executive of the company.
“We are in an exciting phase of our journey and while we are a leading player in the digital technologies space, we believe there are many bigger opportunities for us ahead, especially given the pace at which technology is evolving. Apart from organic expansion, we see significant avenues for growth through the acquisition of niche players with complementary offerings,” said Krishna Sudheendra, chief financial officer at UST Global.
Avendus Capital and DBS Bank were the financial advisors on this transaction.
Amit Singh, co-head, Enterprise Technology & Services – Investment Banking, Avendus Capital, said, “Their unique ‘design for happiness framework’ combines an astute understanding of human behavior with cutting edge technology solutions, dramatically changing the way clients approach the digital world. The partnership with Temasek will further increase UST’s global reach and access to a range of exciting market opportunities,” said Amit Singh, co-head, enterprise technology and services – investment banking at Avendus Capital.
Temasek, which owned a $197 billion worth portfolio as on 31 March 2017, with significant exposure to Singapore and Asia.
Last month, the Singapore based firm, along with PayPal Holdings Inc., invested $125 million to acquire a minority stake in Pine Labs, a digital retail payments platform backed by Sequoia Capital and Actis.
Earlier this month, Mint reported that Singapore-based Ascendas-Singbridge Group and Temasek have jointly committed an investment of around $300 million in logistics and industrial real estate projects in India through the Ascendas India Logistics Programme.
Source: Mint