India’s software giant, Infosys (NYSE: INFY), 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, which currently delivers IT services to Temasek and a number of other clients.
As part of the transaction details released on Friday (07), Infosys will acquire a 60 per cent stake in the joint venture and Temasek will hold 40 per cent. The agreement was signed by the parties on Monday (05) 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 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 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 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.
Mohit Joshi, President, Infosys, said, "… 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."
