Singapore Technologies Engineering Ltd (ST Engineering) announced that its Corporate Venture Capital unit, ST Engineering Ventures Pte Ltd (STEV) has invested S$4m for a minority interest in Azendian Holdings Pte Ltd (Azendian), a Singapore-based data analytics company. Through its Corporate Venture Capital unit, ST Engineering invests in promising technology start-ups in return for access to their technologies and innovations by way of collaboration that will help scale up the Group’s strategic capabilities.
This investment in Azendian will help strengthen the data analytics capabilities that the Group’s electronics arm, ST Electronics already owns and continues to build. Specifically, it will help enhance the smart data analytics platform, D’Space Insights that ST Electronics produced for developing suites of AI tools with machine learning capabilities. Additionally, this investment will expand the Group’s direct and immediate access to a wider pool of data analytics expertise that will provide customers with data-driven and data-enabled services for digital transformation.
“Data analytics is one of the core capabilities that we are delivering in our products and solutions to our customers. Joining forces with Azendian will further extend our market leading data capabilities, and enable us to deliver advanced analytics expertise to our customers in this region,” said Ravinder Singh, President of ST Electronics. “With this enhanced capability, we are better positioned to offer solutions that will further drive the
competitiveness of our customers as they now have the tool to become insight-driven
organisations in a marketplace that requires agility and real-time response.”
“Azendian Solutions welcomes this investment from ST Engineering and we are excited by the potential of this partnership. As organisations push toward digitalisation, there will be an increase in the need for faster decision making to achieve strategic objectives and remain relevant in the new market place. Our partnership will provide clients with foresight and insight through comprehensive data and analytics AI products. We look forward to the
continued development of innovative solutions and growth with ST Engineering,” said Bill Lee, Managing Partner, Azendian Solutions.
“This investment in Azendian by our Corporate Venture Capital unit demonstrates our focus in investing in promising start-ups with the objectives of collaborating with these companies and at the same time accelerating their growth through letting them access and tap on our established business networks and channels,” said Low Ka Hoe, Chief Strategy Officer, ST Engineering.
At the Group level, this investment reinforces its commitments to exploit digitalisation to enhance and optimise operations as well as in its pursuit to leverage data analytics to deliver smarter digital products and services to its customers across business sectors. The transaction is not expected to have any material impact on the consolidated net tangible assets (NTA) per share and earnings per share of ST Engineering for the current financial year.
