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SINGAPORE (May 26): StarHub has announced an agreement to acquire a 51% stake in Accel Systems & Technologies for a total consideration of $19.4 million.
Accel is a cyber security systems integrator specialising in the provision of security solutions, consulting and managed security services.
The proposed acquisition will strengthen StarHub’s cyber security portfolio, giving it the in-house capabilities to be an end-to-end provider of cyber security solutions and services.
An established name in the cyber security sector, Accel services a wide range of local and multinational clients including government agencies.
Having been recognised two years in a row in the Fastest Growing 50 list of companies in Singapore, it is leading the development of the cyber security ecosystem in Singapore with partnerships with global security companies and its involvement in government initiatives such as Cyber Security Associates and Technologists programme.
Following the acquisition of Accel, StarHub will expand the internal research and development abilities of its COE to develop and localise advanced cyber security solutions. StarHub will also continue to work with its existing key partners to deliver services such as Cyber Threat Monitoring, Internet Clean Pipe and Unified Threat Management.
Accel will operate as a standalone StarHub subsidiary and continue to be led by its current management team. In addition, its offerings will now be enhanced by StarHub’s cyber security COE.
The acquisition will be paid in cash and funded using internal cash resources. It is expected to close by mid-June, subject to the fulfilment of mutually-agreed conditions.
Shares of StarHub closed 1 cent lower at $2.70 on Friday.