05 September 2018
Singapore, 5 September 2018 – StarHub Ltd today announced an agreement with Leone Investments Pte. Ltd. to form a joint venture company. Leone is an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited. Branded Ensign InfoSecurity Pte. Ltd. (Ensign), the new entity will merge StarHub’s Cyber Security Centre of Excellence, its subsidiary Accel Systems & Technologies Pte. Ltd. (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. 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 comprising Professional Services, Systems Integration and Managed Security Services. In addition, its unique telco-centric and network-based security monitoring capabilities will be critical to providing enhanced security for enterprises and critical infrastructure.
Mr Peter Kaliaropoulos, Chief Executive Officer of StarHub Ltd, said, “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 newly formed Ensign team will have a talent pool of approximately 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.
Mr Kaliaropoulos added, “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.”
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 transaction is expected to close by October 2018, subject to the fulfilment of mutually-agreed conditions.