Singapore Technologies Engineering said it invested US$5.8 million (about S$7.8 million) for a minority stake in U.S.-based cyber security provider Janus Technologies Inc.
The series B round of investment, which is required by a company to scale up and have a market share, was made by its Corporate Venture Capital unit, ST Engineering Ventures Pte, the company said in a statement on Tuesday.
The investment will help company's electronics arm, ST Electronics, to provide a hardware-based cyber security solution that delivers a customised and secure platform and network security capabilities to its customers.
"Our investment into Janus Technologies will benefit not just the Group's Cyber Security business, but will also enable Janus Technologies' organic growth as it will have access to our established business networks and channels," said Vincent Chong, President & CEO of ST Engineering.
The transaction is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of ST Engineering for the current financial year, the company said.
Shares in Singapore Technologies Engineering were down 0.6 percent to S$3.52 on the Singapore Exchange. The stock has gained about 9 percent so far this year.
