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. In the past, 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.