Strategic Move to Bolster Digital Business Focus
Singtel has announced the sale of SecureTrust, the payment card industry compliance unit of its cyber security division Trustwave, to Sysnet Global Solutions for US$80 million (S$107.9 million). This divestiture was made public on Monday (25 Oct) and is part of a broader strategic review initiated in May to enhance resource allocation and position its digital assets for future growth.
Following the transaction, certain Trustwave assets deemed synergistic with Singtel’s primary telecommunications and system integration activities in the Asia Pacific will be integrated into Singtel and its subsidiaries, NCS and Optus. This restructuring will elevate Singtel’s cybersecurity presence in the region to one of the largest, boasting a revenue exceeding S$350 million.
Yuen Kuan Moon, Singtel’s group CEO, explained that this divestment marks the initial phase in a comprehensive reassessment of Trustwave’s operations, aiming to refine and advance the company’s growth trajectory. “The evolving cyber threat landscape, driven by the shift towards hybrid and multi-cloud environments, necessitates a focus on managed threat detection and response services,” stated Yuen, emphasizing Trustwave’s new strategic direction.
Echoing this sentiment, Trustwave CEO Eric Harmon added that these changes are enabling the company to sharpen its focus and leadership in managed detection and response, alongside enhancing its professional services and data protection capabilities to address the complex cyber threats of the modern world.
