The largest telecom firm in Southeast Asia will soon be adding Chicago-based Trustwave to its corporate stable through acquisition.
The acquisition, announced today (April 7) via a press release, is expected to aid in expanding Singtel’s existing lineup of cloud-based solutions to encompass security services. It will also create an end-to-end ICT offering to business customers, the release added.
Singtel currently serves half a billion mobile customers and is picking up the U.S. based cybersecurity firm to protect their large stores of data. Trustwave serves about 3 million business subscribers and will continue to operate separately from its new parent company when the deal closes within the next six months.
Singtel, going forward, will own a 98 percent equity stake in Trustwave, though Trustwave’s chairman and CEO Robert J. McCullen will hold on to the remaining 2 percent. The enterprise value of Trustwave is $850 million; Singtel’s take is worth $810 million, not including net debt.
“We aspire to be a global player in cybersecurity. We have established a strong security business in the region, both organically and through strategic partnerships with global technology leaders,” Singtel Group CEO Chua Sock Koong stated in a prepared statement. “Our extensive customer reach and strong suite of ICT services, together with Trustwave’s deep cybersecurity capabilities, will create a powerful combination and allow Singtel to capture global opportunities in the cybersecurity space.”
Singtel will add Trustwave to its latest slew of additions – the telecom’s mobile ad firm Amobee spent $235 million for ad-tech company Adconion and $150 million on data analysis firm Kontera Technologies.
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“We are excited to join Singtel and to leverage its global presence and resources to accelerate worldwide adoption of our security solutions,” Trustwave Chairman, Chief Executive Officer and President Robert J. McCullen said in a statement. “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. Singtel is the perfect partner for us as we continue to help businesses fight cybercrime, protect data and reduce security risk, and the Trustwave team is thrilled to become a part of such a prestigious and innovative organization.”
