Both the companies avoided to reveal the financial details of the deal but an insider revealed VCCircle that the amount is around $250 million. Avendus Capital and DBS Bank acted as the financial advisors during the deal.
Sajan Pillai, the chief executive officer of UST Global talking about their partnership with Temasek said that “The partnership with Temasek will allow us to further our reach so that we can partner with our clients in designing their digital impact strategies."
UST Global's chief financial officer Krishna Sudheendra commenting on the deal said, “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."
UST Global was started in 1998 where it offers end-to-end solutions including digital customer engagement, data analytics, cloud consulting, product engineering, automation and cyber security solutions. It offers solutions in the sectors like banking and financial services, healthcare, insurance, retail, technology, manufacturing, shipping, and telecom.
The firm has headquarters in California, Singapore, and London. In India, the firm operates from Bengaluru, Chennai, Coimbatore, Kochi, Thiruvananthapuram, Mumbai, Bhopal, and Delhi offices.
Interestingly, Teamsek started looking at the Indian market after almost 2 years where they have recently backed the likes of Ascendas India Logistics Programme, digital payments firm Pine Labs, and AU Small Finance Bank.
Image Courtesy : UST Global