Japanese conglomerate Mitsui agreed to invest $58 million in Axiata Digital and Analytics (ADA), with the funds intended to broaden the latter’s reach across Asia Pacific, and drive digital and data transformation.
The investment in holding company Axiata Digital Services will increase Mitsui’s effective share in ADA to 12.69 per cent and values the unit at $550 million, Axiata stated.
Mitsui made an initial minority investment in ADA in 2019.
The analytics business has operations in 12 countries across Asia.
Axiata Group CEO and MD Vivek Sood (pictured, left) said Mitsui’s “substantial business capabilities derived from a global portfolio” left it confident the investment would enhance ADA’s expertise in AI and data analytics.
He added the deal would enable Axiata to “seize additional opportunities in the digital business realm”.
Mitsui senior executive managing officer Toru Matsui (pictured, right) stated the additional investment in ADS would strengthen its strategy in Asia “to develop digital marketing business clusters that contribute to our consumer-centric businesses”.
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