Singtel acquires US cyber-security firm
Singapore’s Singtel is to acquire US-based cyber-security firm Trustwave for $810 million.
The deal is allegedly Singtel’s largest outside of the main telecoms sector, and will see the operator secure a 98% stake in Trustwave, with Trustwave chairman and CEO Robert McCullen retaining the remaining 2%.
Founded in 1995 and based in Chicago, US, Trustwave develops software to help businesses ward off cyber-crime, and Singtel hopes the acquisition to strengthen its global information security capabilities as it pursues an expansion into a more digital future.
“We aspire to be a global player in cyber-security,” said Chua Sock Koong, Singtel Group CEO.
“Our extensive customer reach and strong suite of ICT services, together with Trustwave's deep cyber-security capabilities, will create a powerful combination and allow Singtel to capture global opportunities in the cyber security space.”
Trustwave has an enterprise value of $850 million, and more than three million business subscribers across 96 countries.
Post-acquisition, Trustwave will continue to operate as a stand-alone business unit, and McCullen said that he was excited to join Singtel and leverage its global presence.
“This strategic partnership creates an unparalleled opportunity to combine Singtel’s robust information and communications solutions with Trustwave's industry-leading security technologies and managed services platform to deliver cutting-edge solutions that will enhance our customer experience,” McCullen said.
“Singtel is the perfect partner for us as we continue to help businesses fight cyber-crime, protect data and reduce security risk, and the Trustwave team is thrilled to become a part of such a prestigious and innovative organisation."
The deal will be funded through debt and cash and is due to complete in three to six months.