Asian telecom operator pays over half a billion pounds for Trustwave
Singaporean operator Singtel has acquired Chicago-based security firm Trustwave for a reported $810 millon (£541m).
Trustwave is said to be the largest independent managed security services provider in North America at the moment, with three million business subscribers spread across 96 countries.
The company reportedly pulled a planned IPO last year and it also received some unwelcome attention when it was caught up in the attack on the giant US retailer Target in late 2013.
“We are excited to join Singtel and to leverage its global presence and resources to accelerate worldwide adoption of our security solutions,” said Trustwave CEO Robert J. McCullen. “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 organisation.”
The deal is subject to the usual regulatory approvals and other customary closing conditions, but when the acquisition closes, the thinking is that Singtel will combine its information and communications technology (ICT) with Trustwave’s managed security services portfolio.
Singtel has stated that the deal will expand its existing line-up of cloud-based solutions to encompass security services.
At this stage, there is no word on what will happen to Trustwave’s 1,200 staff located in 26 different countries. But Trustwave itself will operate as a standalone business unit of Singtel and will continue to be headquartered in Chicago.
“We aspire to be a global player in cyber security,” said Singtel’s CEO Chua Sock Koong. “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,” he added.
There have been a number of expensive acquisitions in the security space of late.
Are you a security expert? Try our quiz!