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SoftBank to invest $60 million in Axiata’s digital analytics and AI arm ADA
- Tuesday | 11th May, 2021
KUALA LUMPUR (Reuters) -Malaysian telecommunications firm Axiata Group Bhd on Tuesday said Japanese peer SoftBank Corp will invest $60 million in its digital analytics and artificial intelligence (AI) arm ADA. SoftBank will own 23% of ADA via new shares, with its investment valuing the unit at $260 million, Axiata said in a statement. SoftBank follows compatriot Sumitomo Corp which invested $20 million in ADA in 2018 to support the unit’s expansion. Sumitomo’s ADA stake will be 13.46% in size after SoftBank’s investment, while Axiata Digital Services, which houses Axiata Group’s digital businesses, will own 63.47%. Another Japanese conglomerate, Mitsui & Co Ltd, has been a minority strategic shareholder of Axiata Digital Services since 2019.
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