In addition to transferring 100 per cent of ASTL and its other cyber security assets, StarHub will pay US$26.2 million in cash for its stake in the JV
ASTL is a cyber security systems integrator specialising in the provision of security solutions, consulting and managed security services, whereas Quann is a regional cyber security services provider.
In addition to transferring 100 per cent of ASTL and its other cyber security assets, StarHub will pay S$36 million (US$26.2 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.
The new JV will harness its capabilities — comprising professional services, systems integration and managed security services — to deliver cyber security solutions to organisations in Singapore and overseas markets.
Peter Kaliaropoulos, CEO of StarHub, 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.
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.”
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