ST Electronics (Info-Software Systems) Pte. Ltd. has signed a Memorandum of Understanding with NEC Corporation to collaborate in Information Communication Technologies (ICT) initiatives. The first initiative under this Memorandum of Understanding is a joint venture agreement between ST Electronics (Info-Software Systems) Pte. Ltd. and NEC Asia Pacific Pte. Ltd. to set up NEC STEE Cloud Services Pte. Ltd. The new joint venture will be set up with an initial investment of SGD 6 million. NEC APAC will own a 60% stake in NEC STEE Cloud Services, and ST Electronics (Info-Software Systems) the remaining 40% stake. NEC STEE Cloud Services will set up a Cloud Oriented Data Centre (CODC) to offer Software as a Service (SaaS) to both public and private institutions in Singapore, and subsequently to other ASEAN countries. Existing customers from both companies that choose to move to this new cloud business model will benefit from lower operating costs by outsourcing their requirements to NEC STEE Cloud Services. Beyond this initial joint venture, NEC and ST Electronics will also explore other areas of collaboration for solutions, technologies and services.