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SINGAPORE (Sept 5): StarHub on Wednesday entered into an agreement with Temasek Holdings’ subsidiary Leone Investments to form a joint venture company.
Named Ensign InfoSecurity, the JV will merge StarHub’s Cyber Security Centre of Excellence, its subsidiary Accel Systems & Technologies (ASTL) and Temasek-owned Quann, to form one of the largest cyber security companies in Asia.
ASTL is a cyber security systems integrator specialising in the provision of security solutions, consulting and managed security services while Quann is a leading regional cyber security services provider with an extensive Asian footprint.
Harnessing their capabilities to deliver end-to-end cyber security solutions to organisations in Singapore and overseas markets, Ensign will become the only Singapore-based pure play cyber security company with end-to-end capabilities. In addition, its unique telco-centric and network-based security monitoring capabilities will be critical to providing enhanced security for enterprises and critical infrastructure.
In addition to transferring 100% 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 newly formed Ensign team will have a talent pool of 500 analysts, consultants and researchers. They will be based out of Ensign’s corporate headquarters in Singapore, where enhanced Security Operations Centres are also located.
Ensign will initially support government and enterprise customers and generate revenues in excess of $100 million annually in cyber security solutions, systems integration and managed services.
Peter Kaliaropoulos, CEO of StarHub, says, “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. 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.”
The transaction is expected to close by October.
Year to date, shares in StarHub are down 44% at $1.63 at 12.50pm.