IBM launches first-ever start-up accelerator
This is the first collaboration of its kind by an Asian telecommunications provider in Israel.
Asian telecommunications group SingTel and software solutions provider Amdocs Ltd. (NYSE: DOX) announced today that they are setting up a joint development center in Israel.
The two companies said that this was the first collaboration of its kind by an Asian telecommunications provider in Israel, and that it would open doors for Israeli start-up companies. SingTel's entry into Israel is part of its strategic plan to boost investment in research and development.
The aim of the center that will be opened will be to turn innovative technologies into commercial products for customers of the SingTel group in the 26 countries in which it operates.
SingTel did not disclose details of the size of its investment in Israel, but according to Allen Lew, CEO of SingTel's Digital Life group, the company has a corporate venture capital fund amounting to $150 million, part of which will be invested in Israel.
Lew did not rule out the possibility that SingTel would acquire an Israeli company. Last year, the Singapore-based company bought Amobee, whose activity is advertising on mobile telephones, and this is an area that interests SingTel currently as well. Other areas of interest are games on mobile telephones, and online commerce.
Amdocs CEO Eli Gelman said, “Amdocs has been dedicated to the communications industry for over 30 years and today our 20,000 employees serve the world’s leading service providers in over 60 countries. Opening a joint development and innovation center with a global leader such as the SingTel Group is a significant milestone in our history. It demonstrates the importance our customers place on our innovative offerings as well as our ability to accelerate and foster innovation by working together with the start-up community.”
He added: “We believe that this innovation and development center is a win-win-win opportunity which will benefit all those involved: the SingTel Group, Amdocs and young Israeli companies and start ups.”
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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