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Infosys and Temasek announce Joint Venture in Singapore

Posted On: 2018-09-07 08:43:55

Infosys (NYSE: INFY), a global leader in consulting, technology and nextgeneration 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."

Shares of INFOSYS LTD. was last trading in BSE at Rs.727.95 as compared to the previous close of Rs. 729.8. The total number of shares traded during the day was 246579 in over 6071 trades.

The stock hit an intraday high of Rs. 735 and intraday low of 725. The net turnover during the day was Rs. 180243298.


Source: Equity Bulls

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