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Elyssa Lopez · · 3 min readTemasek-backed Temus rides AI wave to 56% revenue surge in 2024
With seven out of 10 of Singapore’s enterprises adopting AI, digital transformation consulting firm Temus is making bank.
The Temasek-backed firm’s revenue jumped 56% year on year to S$72.1 million (US$55.5 million) in 2024, according to the company’s audited financial statement.
Temus Singapore CEO Lai Yee Ng / Photo credit: Temus
Established in 2021, Temus, which is based in the city-state, offers digital strategy consulting services for both government agencies and large enterprises, including the National Council of Social Service and insurance giant Singlife.
With the former, Temus developed an AI avatar that can interact with social service workers and citizens. For Singlife, it built an automated customer relationship management platform and other marketing tools that gave the insurance business deeper insights into its customers.
While Temus remains unprofitable, it narrowed its losses before tax by 11% year on year to US$17.5 million in 2024.
Tech in Asia reached out to the firm for this story, but the company declined to comment.
Growing workforce
Temus was formed by Singapore state investment firm Temasek and California-based IT firm UST to help legacy businesses and large enterprises implement digital transformation strategies.
It provides consulting and design services, develops business intelligence solutions, and builds applications and cloud migration tools, according to its website.
Its past projects range from helping companies with simple cloud migration and website development tasks, to more sophisticated projects such as building a digital database platform for genomic data for biotech research.
The firm had about 500 workers as of February, with the majority employed in Singapore and about 50 located in Vietnam. That’s more than double its staff count in 2021.
Last year, the firm’s major expenses were employee benefits, which jumped 61% year on year to US$48.1 million.
It maintained its professional expenses, its second largest cost, with the figure growing just 1.7% to US$12 million.
Growth by acquisitions
In 2022, Temus acquired Singapore-based Dreamcloud, a low-code solutions provider, for an undisclosed amount.
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While digital transformation efforts at government agencies and large enterprises drove continued demand for its services, Temus ended 2024 in the red.
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