Singapore Telecommunications Software Companies (SSTC) said it had raised $1.2 billion ($1.16 billion) in venture capital from leading investors including Kleiner Perkins Caufield & Byers, Kleiner and Tencent to help it expand its technology business and develop its business model.
The investment follows the launch of a $10 million seed round led by Sequoia Capital and TenPay, which will enable SSTC to develop its network of cloud computing and data centres.
It said the funding will be used to invest in key product areas and build a new digital strategy to compete with incumbents such as Telstra, iiNet, T-Mobile and Optus.
“Our new business model will allow us to offer our customers the best in cloud services, including a better and more cost-effective cloud-based service for data centres, and accelerate our growth to be more competitive in the industry,” said Mr Li Hock Chee, SSTS chief executive.
SSTS has already established a foothold in cloud computing, with the company’s cloud-centric software providing services to over a billion people in more than 80 countries.
Its cloud-computing services include the use of its own cloud service and the cloud-hosted SST cloud service, as well as the cloud computing services of other cloud providers such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
In addition, SSCs cloud services include SAP, IBM, Oracle, SAP and other cloud-services providers.
Mr Li said the SSTCloud service offered a variety of cloud-enabled solutions for enterprises, including the ability to manage large amounts of data on the cloud using the cloud infrastructure of its customers, and the ability of customers to manage their own data using the SSC cloud services.
“SSTCloud is a significant asset to our businesses, and we plan to use it to further grow our business in the cloud and expand our market share in the sector,” he said.
Earlier this year, SES acquired a 10 per cent stake in SSTCom, the world’s largest telecoms company, for $9.5 billion.
The deal valued SES at about $20 billion.