IT company Mahindra Satyam today said it has joined hands with Japanese company SBI

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Holdings to launch a $50 million joint fund, which will invest in ICT companies globally.

SBI Holdings is Japan's largest venture capital/private equity house, currently managing more than $3 billion.

"The total size of the proposed fund will be $50 million with equal contribution from both. The objective of the fund is to help leapfrog the innovation curve by investing in high growth and promising companies in the evolving ICT space," the companies said in a joint statement.

The fund will be subject to regulatory and other approvals, it added.

"With sharp focus on the future trends, we intend to go full throttle on investing into emerging spaces such as mobility, social networking, security solutions and cloud. Investments in enterprise mobility and collaborative applications are the leading IT investment priorities for businesses in 2012, with infrastructure consolidation, virtualisation and security upgrades in the second tier," Mahindra Satyam CEO C P Gurnani said.

This Fund, managed by SBIH's expertise in this domain, will be a an accelerator for the company's growth, he added.

"SBIH is excited about this joint fund with MSAT, as combining the two firms' complementary strengths will create an investment platform which will enable the fund to capture lucrative opportunities in the global ICT sector," SBI Holdings CEO Kitao said.