Singtel Beefs Up CyberSecurity with $810 Million Acquisition
Published on: 7th Apr 2015
Note -- this news article is more than a year old.
Singapore's Singtel has signed an agreement to acquire a 98% equity interest in US based Trustwave, a specialist in managed security services. Trustwave Chairman and CEO, Robert J McCullen, will hold the balance 2% equity interest.
Trustwave is the largest independent managed security services provider in North America with presence in Europe and Asia Pacific. It has a broad portfolio of services across three main areas - threat management, vulnerability management and compliance management.
The enterprise value of Trustwave is USD850 million. The aggregate consideration for the Transaction is approximately USD810 million for Singtel's 98% equity interest, excluding net debt, and is subject to working capital adjustments at closing.
Chua Sock Koong, Singtel Group CEO, said: "We aspire to be a global player in cyber security. We have established a strong security business in the region, both organically and through strategic partnerships with global technology leaders."
"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, headquartered in Chicago, has over three million business subscribers, served by 1,200 employees in 26 countries.
Singtel said that it expects that post-acquisition, Trustwave will continue to operate as a standalone business unit and strengthen its position in the US and Europe. It will leverage Singtel Group Enterprise's assets and market presence to broaden its overall security portfolio and address the fast growing emerging security market opportunity in the Asia Pacific region.