ST Engineering’s electronics arm, ST Electronics, has signed a Memorandum of Understanding (MOU) with NEC Corporation to collaborate in Information Communication Technologies (ICT) initiatives.
The first initiative under this MOU is a joint venture agreement between ST Electronics’ wholly owned subsidiary, ST Electronics (Info-Software Systems), and NEC Asia Pacific (NEC APAC) to set up NEC STEE Cloud Services.
The new joint venture will be set up with an initial investment of $6 million. NEC APAC will own a 60% stake in NEC STEE Cloud Services, and ST Electronics (Info-Software Systems) the remaining 40% stake.
NEC STEE Cloud Services will set up a Cloud Oriented Data Centre to offer Software as a Service (SaaS) to both public and private institutions in Singapore, and subsequently to other Asean countries.
Beyond this initial joint venture, NEC and ST Electronics will also explore other areas of collaboration for solutions, technologies and services.
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