Singapore telco StarHub will form one of Asia’s largest cyber security companies through a partnership with Leone Investments, a wholly-owned subsidiary of Temasek Holdings.
The new entity will be called Ensign InfoSecurity (Ensign) and will merge with StarHub’s cyber security centre of excellence, its subsidiary Accel Systems & Technologies (ASTL) and Temasek-owned Quann, forming one of the largest cyber security companies in Asia.
“We established the StarHub cyber security centre of excellence two years ago to develop advanced cyber security solutions, and attract talented professionals and expert knowledge from other companies including ASTL, to such ecosystem,” said Peter Kaliaropoulos, CEO, StarHub.
“Ensign is a natural progression in creating scale and depth of expertise to address the multitude of cyber security risks facing Government and Enterprise clients in Singapore and overseas."
ASTL is a cyber security systems integrator specialising in the provision of security solutions, consulting and managed security services. Quann is a leading regional cyber security services provider with an extensive Asian footprint.
Ensign is set to become the only Singapore-based pure play cyber security organisation with end-to-end capabilities that also includes professional services, systems integration and managed security services, leveraging on the capabilities provided by ASTL and Quann.
In addition, its unique telco-centric and network-based security monitoring capabilities will be critical to providing enhanced security for enterprises and critical infrastructure.
Approximately 500 analysts, consultants and researchers will work for Ensign with expected revenues in excess of $100 million annually in cyber security solutions, systems integration and managed services.
“StarHub will provide unrivalled support to ensure that Ensign swiftly optimises operations, accelerates its growth and advances its expertise to become the cyber security company of reference across Asia,” said Kaliaropoulos.
In addition to transferring 100 per cent of ASTL, and its other cyber security assets, StarHub will pay $36 million in cash for its stake in the joint venture company - this amount will be funded using internal cash resources.
The transaction is expected to close by October 2018, subject to the fulfilment of mutually-agreed conditions.