Singtel to give $810 million for Trustwave
"Today's acquisition of Trustwave is a critical step to capturing global opportunities in the cyber security market," Singtel CEO Chua Sock Koong told reporters. Singtel spent about S$900 million ($663 million) on acquisitions since 2012, mainly to build its digital life business.
Singtel will buy a 98 percent equity stake in the company from a group of investors assembled by Trustwave's chairman and chief executive officer, Robert McCullen who will hold the remaining 2 percent. Trustwave will continue to operate as a stand-alone business unit.
Trustwave, which has over 3 million business subscribers, offers a range of services, including scanning of databases, risk identification and payment compliance. Singtel declined to provide names of specific clients.
Trustwave reported revenue of $216 million in 2014, with the North American market contributing 75 percent.
Last year, Trustwave withdrew its application with the U.S. Securities and Exchange Commission (SEC) to sell shares in an initial public offering (IPO), citing unfavorable market conditions. ■