MARKETS & INVESTING | Staff Reporter, Singapore

Temasek invests $341.65m in US tech firm

The Singapore wealth fund is UST Global's first institutional investor.

Temasek injected $341.65m (US$250m) to a minority stake in US tech firm UST Globa. Temasek is UST Global's pioneer institutional investor, an announcement revealed.

“The partnership with Temasek will allow us to further our reach so that we can partner our clients in designing their digital impact strategies,” UST Global CEO Sajan Pillai said.

Financial advisors for the deal include Avendus Capital and DBS Bank.

“Apart from organic expansion, we see significant avenues for growth through the acquisition of niche players with complementary offerings,” UST Global CFO Krishna Sudheendra commented.

Also read: Ascendas-Singbridge and Temasek co-invest $400m in Indian industrial assets

“Our relationship with Temasek will help us achieve our strategic objectives,” she added.

UST Global provides advanced computing and digital services to large private and public enterprises around the world. It operates regional headquarters in California, Singapore, and London as well as 35 offices across the world. They render service to over 50 Fortune 500 clients.

Temasek’s worldwide investment portfolio totalled $275b in March 2017.

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