Singapore Telecommunications Limited has agreed to acquire Chicago-headquartered digital security firm Trustwave.
Trustwave provides PCI compliance, fraud prevention and security risk management for clients that include payment companies and processors such as First Data. Trustwave will operate as a "standalone business unit" of Singtel upon completion of the deal. Terms of the acquisition were not disclosed.
"We are excited to join Singtel and to leverage its global presence and resources to accelerate worldwide adoption of our security solutions," said Trustwave chairman, chief executive, and president Robert McCullen in a press release. "This strategic partnership creates an unparalleled opportunity to combine Singtel's robust information and communications solutions with Trustwaves industry-leading security technologies and managed services platform to deliver cutting-edge solutions that will enhance our customer experience."
Singtel views this acquisition as a step towards becoming a global leader in cybersecurity. The company cited a 2014 Gartner Information Security Forecast estimate that the cyberscurity industry will reach $24 billion in 2018, a 75% growth from approximately $14 billion 2014.
"Our extensive customer reach and strong suite of ICT services, together with Trustwaves deep cyber security capabilities, will create a powerful combination and allow Singtel to capture global opportunities in the cyber security space," Chua Sock Koong, Singtel Group chief executive said in the release.