Temasek has agreed to acquire a minority stake in UST Global, a provider of digital transformation solutions. No financial terms were disclosed. Avendus Capital and DBS Bank served as financial advisers on this transaction.
June 27th, 2018 – Aliso Viejo, Singapore and London
UST Global, a leading digital transformation solutions company, announced that it had entered into definitive agreements with Temasek, a global investment company headquartered in Singapore, for Temasek to acquire a minority stake in the company. The investment marks a milestone for UST Global, whose technologies and solutions have helped drive rapid digital progression for its clients, as it welcomes Temasek as its first institutional investor.
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. By leveraging its industry knowledge and deep longstanding client relationships, UST Global has built a range of platform solutions across healthcare, cybersecurity, talent management, and automated operations. UST combines internally developed IP and a well curated list of technology partners to offer best in class solutions deployed through its platforms.
With regional headquarters in California, Singapore and London, and over 35 offices across the world, UST uses its global presence to partner closely with its multinational clients, which includes over 50 Fortune 500 clients.
Avendus Capital and DBS Bank were the financial advisors on this transaction.
Sajan Pillai, CEO, UST Global, said, “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.”
Krishna Sudheendra, CFO, UST Global, said, “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. Our relationship with Temasek will help us achieve our strategic objectives.”
Juan Pujadas, member of the board of directors of UST and former Global Leader of Advisory Services for PwC, said, “UST is the most exciting technology engineering partner for Fortune 500 companies on their journey of digital transformation. UST’s 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.”
About UST Global
UST Global is a leading digital technology solutions company that provides advanced computing and digital services to large private and public enterprises around the world. Its clients include Fortune 500 companies in banking and financial services, healthcare, insurance, retail, technology, manufacturing, shipping, and telecom. UST Global believes in building long-lasting, strategic business relationships through agile and client-centric global engagement models that combine local experts and resources with cost, scale, and quality advantages of global operations.
For more information, please visit: www.ust-global.com
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore. Supported by its network of international offices, Temasek owns a S$275 billion (US$197b, £158b) portfolio as at 31 March 2017, with significant exposure to Singapore and the rest of Asia. Its investment activities are guided by four investment themes and the long term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Temasek’s investment strategy allows it to capture opportunities across the sectors in which it invests that help bring about a better, smarter and more connected world.
For more information on Temasek, please visit www.temasek.com.sg