Indian IT consulting firm Infosys said that it has formed a joint venture with Singapore based investment company Temasek. Under this venture, a team from Infosys and the operations of Temasek’s wholly owned subsidiary in Singapore, Trusted Source Pte Ltd, which currently delivers IT services to Temasek and a number of other clients, will work together.
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, said the company. The joint venture will support Temasek’s digital transformation journey, managing a Cloud migration program that will enable Temasek to host its applications on a cloud platform.
Infosys and Temasek have named Shveta Arora, Vice President at Infosys, 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 the establishment, in addition to Infosys staff who will join over time, said the company.
Infosys and Temasek see important synergy and strategic alignment in the joint venture. Infosys gains significant capacity in terms of the 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 company said that employees of the joint venture will have access to the company’s education and training capabilities that will enable them to provide professional services and have rewarding career paths.
“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,” said Mohit Joshi, President, Infosys.
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.”