Infosys buys majority stake in Temasek unit

Indian software services exporter Infosys is forming a joint venture with Singapore state investment firm Temasek Holdings as it looks to boost its Southeast Asia operations and strengthen its skills in emerging technologies such as artificial intelligence. Infosys will take a 60 per cent stake in Singapore-based Trusted Source Pte Ltd while Temasek will hold the remaining, Infosys said in a statement. Trusted Source is currently a wholly owned unit of Temasek that delivers IT services to the investment firm and other clients. Infosys is picking up the stake for 12 million Singapore dollars ($8.7 million), excluding adjustments for working capital, cash and net debt on closing. The deal is likely to close before the end of March 2019, the company said. The JV will provide technology solutions for customers in Southeast Asia across cloud, data analytics, cybersecurity, digital experiences, AI and automation. The entity will integrate teams from Infosys and the operations of Trusted Source. The JV will support Temasek's digital transformation efforts, managing a cloud migration programme that will enable it to host its applications on a cloud platform.