IT tech giant UST has recently set up an innovation center in Israel. The rationale behind this investment has been to enlarge its footprint in Israel facilitated by the link up with Sarona Partners Group and its 365x scale-up program. This enables UST and Sarona Partners to locate relevant technological solutions for the changing reality and adapt to the new demands of its customers around the world, some of whom are Fortune 500 companies.
During a recent webinar focusing on innovation and the changes in the technology market, UST and Sarona Partners Group announced the first cooperation of its kind in which specially vetted technologies will be scaled to reach the largest possible markets. The webinar keynote was led by UST CEO Krishna Sudheendra, who delivered the lecture to an audience of Israeli entrepreneurs.
As part of this cooperation, UST has become a participating company in Sarona Partners Group rich ecosystem and specifically the 365x accelerator program. As part of this cooperation 365x matches Israeli innovative technologies that can be integrated into the value offering that UST provides its many corporate customers, which include retail sector giants, insurance companies, healthcare organizations, financial institutions and others. UST understands the importance of developing the Israeli ecosystem whereby senior company executives are mentoring promising startups participating in the current accelerator program running in Israel and New York, which is engaged in developing post-Covid-19 solutions.
During the webinar, Krishna Sudheendra, stressed the importance of the ecosystem in Israel for UST’s global innovation activities and spoke about the uniqueness of the ecosystem in Israel for UST and its customers.
Both UST and Sarona partners are interested in technologies that help to solve the changes brought about by the Covid-19 pandemic. Today, UST provides IT solutions to a range of 150 companies worldwide in the fields of cybersecurity, healthcare, fintech, infrastructure, energy, and more. In addition to the new reality creating new demands, several customers have speeded up their digital transformation and are undergoing accelerated processes of shifting to the cloud. In accordance with this reality, Sarona Partners 365x program has led substantial change in the accelerator program to promote startups that are developing appropriate solutions for the Covid-19 and post Covid-19 era. 365x has more than 100 startups in its portfolio and this cooperation allows them and companies in the program's new courses to expand to additional markets.
On the announcement of the cooperation between UST and 365x, Toot Shani, 365x CEO and a partner at Sarona Partners said: "We believe in the capability of the collaboration and think that we are talking about an exceptional opportunity for the Israeli ecosystem and for all UST's customers who now have access to blue and white innovation adapted to the needs of the coronavirus pandemic and post Covid-19 period."
Shani added, "The aim of UST and Sarona Partners is to allow the global and local market to continue to grow and to adapt itself to the changes created such as working from home, healthcare, remote services, online consumption, digitalization of processes, and more."
UST Innovation Israel head Michael Marx said, "UST opened its first innovation center in Israel during a very challenging time for its Fortune 500 customers, who were rapidly shifting their market strategies. The cooperation with 365x give valuable exposure to promising growth stage startups, and the mentor program has created several promising opportunities."
Published by Globes, Israel business news - en.globes.co.il - on December 28, 2020
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