Singtel has sold off its payment card compliance business Trustwave in a deal worth $80 million, as part of efforts to “optimise” the group’s resource allocation and growth focus. The move is part of the Singapore telco’s strategic review of its digital businesses that kicked off in May this year.
Parked under its cybersecurity brand Trustwave, SecureTrust was sold off to Sysnet Global Solutions for a cash consideration of $80 million, Singtel said in a statement Monday.
It added that some Trustwave assets deemed “complementary” to the telco’s telecommunications and systems integration business in Asia-Pacific would be transferred to Singtel as well as its subsidiaries NCS and Optus. This integration would allow for “closer alignment” with the respective business unit’s core products and services and enable each to focus on core competencies, Singtel said.
The SecureTrust sale would put Singtel’s cybersecurity revenue in the region at SG$350 million ($259.57 million), the telco said.
Singtel Group CEO Yuen Kuan Moon said: “This divestment is the first step following an extensive review of the Trustwave business and serves 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