Infosys, a global leader in consulting, technology and nextgeneration services, today announced the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. The joint venture will integrate teams from Infosys and the operations of Temasek's wholly owned subsidiary in Singapore, Trusted Source Pte (''Trusted Source'' or the ''joint venture''), which currently delivers IT services to Temasek and a number of other clients.

As part of the transaction, Infosys will acquire a 60% stake in the joint venture and Temasek will hold 40%. The agreement was signed by the parties last night and is effective immediately.

Infosys and Temasek see important synergy and strategic alignment in the joint venture. Infosys gains significant capacity in terms of workforce as it focuses on strengthening its footprint in Southeast Asia, while Temasek will see a rapid enhancement of its IT services through the augmented capabilities of the joint venture entity. Trusted Source will provide Temasek and its other clients in the region solutions and technologies across Cloud, Data & Analytics, Cybersecurity, Digital Experiences and AI & automation, and more.

The joint venture will support Temasek's digital transformation journey, managing a complex Cloud migration program that will enable Temasek to host its applications on a cloud platform.

Infosys and Temasek have named Shveta Arora, Vice President, Regional Head-South East Asia, as Chief Executive Officer. The joint venture will be headquartered in Singapore, and more than 200 employees and contractors from Trusted Source will be part of it on establishment, in addition to Infosys staff who will join over time.

In line with Infosys' commitment to invest in advanced technologies and skills for its workforce, employees of the joint venture will have access to the company’s world class education and training capabilities that will enable them to provide excellent professional services and have rewarding career paths.

Shares of the company declined Rs 1.3, or 0.18%, to trade at Rs 726.65. The total volume of shares traded was 78,943 at the BSE (9.57 a.m., Friday).