27 June 2018, India:
Digital transformation solutions company UST Global has raised $250 million from Temasek Holdings for a minority stake. The company was evaluated at $1 billion.
Sajan Pillai, Chief Executive Officer, 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, Chief Financial Officer at 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.”
Amit Singh, co-head, Enterprise Technology & Services – Investment Banking, Avendus Capital, said, “Their 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.”
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 behaviour 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.”
Avendus Capital and DBS Bank were the financial advisors on this transaction.
UST Global was founded in 1999. It 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.
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