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Publish Date : 2023-10-12
Infosys and Temasek Extend Digital Services Joint Venture for Five Years
The extension demonstrates shared objective of creating impactful digital transformation and investing in digital talent in Singapore BENGALURU, India and SINGAPORE, Oct. 12, 2023 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a five-year extension of its successful joint venture collaboration with Temasek, a global investment firm headquartered in Singapore. Infosys Compaz ("iCompaz"), the Infosys-Temasek joint venture (JV) company, has collaborated with large corporations in Southeast Asia on their digital transformation journeys, leveraging its deep technology expertise across cloud, data and analytics, cybersecurity, digital, artificial intelligence (AI) and automation, among others. This extension underscores iCompaz's commitment to growing its presence in Singapore and the broader Southeast Asian market. The region is one of the fastest-growing economies in the world and is a key market for growth. iCompaz, which was formed in 2018, has collaborated with Temasek on its technology transformation initiatives such as deploying new digital architecture, data applications and security infrastructure. This announcement further deepens the commitment that Infosys had made in 2018, to invest in advanced technologies and capability-building, with the aim of delivering high-quality professional services and supporting the growth and development of its workforce. iCompaz is powered by Infosys' deep capabilities in business innovation through Infosys Cobalt, a set of services, solutions and platforms for enterprises to accelerate their cloud journey. Leveraging Infosys Topaz, an AI-first set of services, solutions and platforms using generative AI technologies, iCompaz will enable clients to create value from unprecedented innovations, pervasive efficiencies, and connected ecosystems. Dennis Gada, EVP, Head of Financial Services, Infosys, said, "We deeply value our collaboration with Temasek, and it has helped us scale both technology capabilities and talent base in the region. Our journey over the last 5 years has demonstrated shared aspirations of amplifying human potential. We look forward to further building on the strong foundation we have laid together to provide differentiated value to all stakeholders across the region." Rao Baskara, Chief Technology Officer, Temasek, said, "We look forward to extending our collaboration and the next phase of growth of iCompaz as it continues to provide quality digital services to companies in Southeast Asia. This engagement also enhances Temasek's capabilities, and enables us to harness the potential that digital transformation brings." Manohar Atreya, CEO, Infosys Compaz, said, "iCompaz has proven its expertise in the sphere of large-scale digital and IT transformation. We are delighted to extend this collaboration with Temasek, as we continue to leverage the global scale and depth of Infosys in intelligent AI platforms and data solutions, to help clients navigate their next journey in business transformation." About Temasek Temasek is a global investment company with a net portfolio value of S$382 billion as at 31 March 2023. Our Purpose "So Every Generation Prospers" guides us to make a difference for today's and future generations. As an active investor, forward looking institution and trusted steward, we are committed to deliver sustainable value over the long term. Temasek has overall corporate credit ratings of Aaa/AAA by rating agencies Moody's Investors Service and S&P Global Ratings respectively. Headquartered in Singapore, we have 13 offices in 9 countries around the world: Beijing, Hanoi, Mumbai, Shanghai, Shenzhen, and Singapore in Asia; and London, Brussels, Paris, New York, San Francisco, Washington DC, and Mexico City outside Asia. About Infosys Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. Safe Harbor Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, and our corporate actions including acquisitions. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Publish Date : 2023-10-12
Tata's Strategic Move: In Talks to Buyback 20% of Tata Play from Temasek
Tata Group, the Mumbai-based conglomerate, is making waves with its latest strategic move. The group is reportedly in advanced talks with Temasek Holdings Pte to buy back a significant 20% stake in Tata Play. This potential deal, insiders hint, could catapult the entertainment content distribution company’s valuation to a staggering $1 billion.A Deep Dive into Tata Play LandscapeFor those unfamiliar with the brand, Tata Play, a joint venture between Tata Group and Walt Disney Co.’s Twenty-First Century Fox Inc., has been a key player in the Indian entertainment sector. Delivering pay television through set-top boxes and offering over-the-top video streaming via its dedicated app, Tata Play boasts a robust 23 million connections across India. Such impressive numbers are a testament to the brand’s reach and its pivotal role in the country’s entertainment ecosystem.The Backstory: Temasek’s Stake in Tata PlayThe story began when Temasek, the Singaporean state investor, acquired approximately 20% of Tata Play. Fast forward to today, and the winds of change are blowing. While the exact reasons for the buyback remain under wraps, industry insiders speculate that Tata Group’s move is a strategic play to consolidate its position in the entertainment sector.The Billion-Dollar QuestionWith talks of the buyback valuing Tata Play at around $1 billion, the financial world is abuzz. Such a valuation not only underscores Tata Play’s significance in the entertainment domain but also highlights the brand’s potential for future growth. However, as with all high-stakes negotiations, there’s an element of suspense. While both Tata Group and Temasek are in the final stages of their discussions, there’s no concrete assurance that the deal will go through. Only time will reveal the outcome.IPO Ambitions of Tata PlayAmidst the buyback talks, another intriguing piece of news has surfaced. Tata Group had previously secured regulatory clearance for Tata Play’s IPO. However, with the current negotiations with Temasek underway, there’s chatter about the conglomerate possibly postponing the IPO. If this turns out to be true, it could be a strategic decision, allowing Tata Group to first streamline its stake in Tata Play before taking the brand public.In ConclusionTata Group’s potential buyback of Tata Play’s stake from Temasek is more than just a business transaction. It’s a reflection of the conglomerate’s vision for the future of entertainment in India. As the story unfolds, industry experts and enthusiasts alike will be keenly watching, waiting to see how this strategic move shapes Tata Play’s trajectory in the coming years.With its rich legacy and a track record of pioneering initiatives, Tata Group’s latest move is yet another chapter in its illustrious journey. As the conglomerate navigates the complex landscape of corporate negotiations and strategic decisions, one thing remains clear: Tata Group is not just playing the game; it’s setting the rules.
Publish Date : 2023-10-05
Exclusive: Mubadala in talks with Temasek for stake buy in India's Manipal Hospitals -sources
A doctor exits from a MRI room at a hospital in New Delhi, India, June 22, 2023. REUTERS/Anushree Fadnavis/File Photo Acquire Licensing RightsDeal could be Mubadala's first in Indian healthcare sectorTemasek aims to keep majority stake in Manipal -sourceMubadala could help Manipal expand in Middle East -sourceMUMBAI/DUBAI/SINGAPORE, Sept 28 (Reuters) - Mubadala is in talks to acquire a stake of less than 10% in India's Manipal Hospitals, in what could be the Abu Dhabi sovereign fund's first investment in the booming Indian healthcare space, people with direct knowledge said.The fund is holding talks with Singapore's Temasek, which spent $2 billion in April to raise its stake in Manipal to 59% from 18% in the biggest hospital sector deal in India, said two of the three sources, who all sought anonymity as the talks are confidential.The talks to acquire the small stake from Temasek are at the same April deal valuation of $5 billion, two of the sources said, which implies a value of up to $500 million for the Mubadala-Temasek stake deal.Temasek said it does not comment on market speculation, while Mubadala declined to comment. Manipal did not respond to queries. Reuters is the first to report the talks.The Singapore state investment firm's talks with Mubadala, which manages $276 billion globally, are at an early stage, said the first of the sources.Temasek is keen to sell a small stake as it "wants to de-risk a little" and valuations are good, the second source said, explaining its rationale.And Mubadala is "bullish on India (and) wants to double down on investments," the source added. "Healthcare is an attractive space with high margins."Temasek intends to retain its majority stake in Manipal by continuing to be the largest and majority shareholder with a stake of more than 50%, said the third source.The talks come as investor interest grows rapidly in India's healthcare market after the COVID-19 pandemic amid a surge in demand for services. India's private healthcare space, worth about $48 billion, is forecast by PwC to grow 12% to 14% a year.Headquartered in the tech hub of Bengaluru, Manipal runs 29 multi-specialty hospitals, mainly in south India, and says it is the country's second biggest chain, focusing on areas such as cardiology, neurosurgery and cancer care.An investment from Mubadala will also help Manipal if it wants to expand its business in the Middle East and needs "strategic advice", the second source said.Mubadala has invested $4 billion in India, including investments in billionaire Mukesh Ambani's telecom and retail businesses, as well as Tata Power's (TTPW.NS) renewable energy unit.It considers India a "priority market" in Asia and Khaled Abdulla Al Qubaisi, its chief executive for real estate and infrastructure investments, told the Economic Times newspaper in May the fund was "really serious about deploying more in India".Mubadala has also bet on healthcare elsewhere. In 2015, it brought renowned U.S-based medical centre Cleveland Clinic to Abu Dhabi, and in April this year combined its healthcare assets with Emirati intelligence firm G42 into a new company named M42.Reporting by M. Sriram, Hadeel Al Sayegh and Yantoultra Ngui; Editing by Aditya Kalra and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.Sriram leads Reuters' deals coverage in India, including reporting and writing on private equity funds, IPOs, venture capital, corporate M&A and regulatory changes. His reportage includes scoops on large transactions as well as deeper analyses and insightful stories on the inner workings of companies, funds and industry trends that fly below the radar. He is a business journalist for five years by training, with a postgraduation from the Asian College of Journalism's Bloomberg program in financial journalism. He graduated from the course's inaugural batch. Contact: +919632913911Yantoultra Ngui is a Southeast Asia Deals Correspondent with Reuters in Singapore, covering M&A and capital market deals in a region that is fast emerging as a hot destination for startup investors, unicorns and IPOs. He previously was a reporter at Bloomberg and The Wall Street Journal. Notably, he was part of WSJ's team that covered the financial scandal at Malaysian state fund 1MDB. Yantoultra graduated with an MBA in Finance from Universiti Putra Malaysia in 2010.
Publish Date : 2023-09-28
Singapore-based biotech startup Automera bags $16m in Series A funding
Singapore-based Biotech startup Automera has received $16 million in Series A funding co-led by US-based Accelerator Life Science Partners (ALSP) and Temasek-backed ClavystBio. EDBI and Xora Innovation also joined the funding round, along with other undisclosed investors. Automera, a biotechnology company focusing on the development of autophagy-targeting chimera small molecules (AUTACs), was launched on Wednesday. It was co-founded by Melbourne-based medical researcher and academic Michael Lazarou as well as Loong Wang and Taiyang Zhang from biotech research company Talo Labs Pte Ltd. Automera’s AUTACs are augmented with quantum chemistry as well as AI-enabled drug discovery tools and have the broad potential to rapidly generate novel therapeutic leads for a range of diseases. The startup will initially focus its product development efforts on treating cancer, ALSP said. “Automera was founded on the premise that improving health outcomes for people with serious diseases requires new technologies that make it easier, faster, and less expensive to develop safe and effective medicines,” said Wang. Meanwhile, Wen Qi Ho, therapeutics lead at ClavystBio, said, “ClavystBio is excited to be building new ventures in Singapore through partnerships with young entrepreneurs like Loong Wang and his team at Automera and smart capital investors like ALSP.” Joining Automera’s board of directors will be Wang, Wen, as well as Alice Chen and Thong Q Le, vice president and senior managing director at ALSP, respectively. ALSP, which calls itself an early-stage life science accelerator and investment firm, has 11 biotech and medical science companies under its portfolio, including New York-based Petra Pharma and Seattle-based KayoThera. ClavystBio was conceived and launched by Temasek in 2022 to be a venture builder to catalyse global health solutions from Singapore. Since its inception, the accelerator has committed over $220 million to biotech, diagnostics, and digital health companies as well as early-stage VC funds, including ALSP. Among the companies ClavystBio has invested in are US- and Singapore-based Allay Therapeutics, which is advancing pain management technology; and Singapore-based CoVBio, which is developing booster vaccines and therapeutics that are effective against variants of the SARS-2 beta coronavirus.
Publish Date : 2023-09-27
Temasek's 65 Equity Makes Senior Hires to Expand in Europe, US
(Bloomberg) -- 65 Equity Partners, an asset manager backed by Singapore state-owned investor Temasek Holdings Pte, is strengthening its US and European operations with key hires.Singapore-based 65 Equity Partners has named Pascal Heberling as co-head of Europe, according to a statement seen by Bloomberg News. Heberling will join Alex Stirling in managing the firm’s European activities and will be based in London.Heberling has spent more than two decades in private equity, most recently as a partner with BC Partners. He previously worked at Abu Dhabi Investment Authority and Cinven.65 Equity Partners also hired Leon Brujis as head of its east coast operations in the US, based in New York. He will work alongside Alexander Fraser, head of US, to help ramp up the firm’s activities in the country. Brujis was previously at Palladium Equity Partners, where he led investments in the services and consumer sectors.65 Equity Partners is a $3.3 billion fund that typically writes checks of $50 million to $150 million to back family-owned and founder-led companies. It has allocated about $1.5 billion of its funds under management for European and US investments.Temasek launched the firm in 2021 with a broad mandate to support businesses willing to expand into Singapore and join the local stock exchange. 65 Equity Partners is led by Chief Executive Officer Chong Lee Tan.The firm is nearing an ideal headcount for its international platform, though it may make a few more hires below the partner level, Tan said in an interview. 65 Equity Partners will have a team of about nine professionals in London, and about 11 in New York and San Francisco, he said.“We have a pipeline of deals identified in Europe and the US,” Tan said. “We are in active discussions and advanced due diligence on a few firms and hope to close two to three investments by the first quarter of 2024.”©2023 Bloomberg L.P.
Publish Date : 2023-09-26