Southeast Asia’s biggest telecoms group by subscribers and revenue, Singtel Group, has agreed to purchase a 98% stake in US-based managed security services specialist Trustwave for USD810 million – excluding net debt and subject to working capital adjustments at closing. The US company’s chairman and CEO, Robert J McCullen, will retain a 2% holding in his company following the deal. Trustwave has an enterprise valuation of USD850 million and claims to be the largest independent managed security services provider in North America with a presence in Europe and Asia Pacific. It has a broad portfolio of services across three main areas – threat management, vulnerability management and compliance management. Chicago-headquartered Trustwave has over three million business subscribers, served by 1,200 employees in 26 countries.
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.’