Trustwave divests SecureTrust for $107m

The sale is part of Singtel's business reorganisation.

Singtel's cyber security arm, Trustwave, has turned over SecureTrust, its payment card industry compliance business, to Sysnet Global Solutions for $107m (US$80m) on 25 October.

The sale was part of Singtel's strategic review of its digital businesses announced in May to optimise the group's resource allocation and reposition these assets for growth. Singtel is undergoing business reorganisation to focus on managed security, detection, and response services.

According to Singtel Group CEO Yuen Kuan Moon, the divestment is the first step following an extensive review of the Trustwave business to sharpen its focus and reposition it for growth. "With enterprises pivoting fast to hybrid, multi-cloud environments, the cyber threat landscape has changed considerably, and the need for a focused set of services centred on managed threat detection and response has grown," he added.

"Trustwave is rapidly evolving to meet the needs of our clients, the demands of the market, and effectively combat new and complex threat actors around the world," stated Trustwave CEO Eric Harmon. "The company now has even greater capacity for innovation in critical areas for our growth, and meeting the market where they need us most by expanding our investments in leading-edge tools, smart processes, and world-class cyber security talent."

The consideration was arrived at on a buyer willing seller basis based on an assessment of SecureTrust's assets and business prospects.