CHICAGO - April 7, 2015 - Trustwave® today announced that Singapore Telecommunications Limited (Singtel), Asia's leading communications company, has entered into a definitive agreement to acquire Trustwave Holdings, Inc., a privately held information security company headquartered in Chicago. The acquisition strengthens Singtel's information security capabilities and bolsters Trustwave's ability to expand its leadership in managed security services globally.
Trustwave Chairman, Chief Executive Officer and President Robert J. McCullen said: "We are excited to join Singtel and to leverage its global presence and resources to accelerate worldwide adoption of our security solutions. This strategic partnership creates an unparalleled opportunity to combine Singtel's robust information and communications solutions with Trustwave's industry-leading security technologies and managed services platform to deliver cutting-edge solutions that will enhance our customer experience. Singtel is the perfect partner for us as we continue to help businesses fight cybercrime, protect data and reduce security risk, and the Trustwave team is thrilled to become a part of such a prestigious and innovative organization."
Following the close of the acquisition, Singtel plans to combine its state-of-the-art information and communications technology (ICT) with Trustwave's broad portfolio of managed security services. The acquisition will help expand Singtel's existing line-up of cloud-based solutions to encompass security services, to create an end-to-end ICT offering to business customers-bolstering Singtel's leadership position in the managed services market.
Trustwave adds a number of cyber security assets and capabilities to Singtel including:
- More than three million business subscribers in 96 countries
- More than 1,200 security-focused employees located in 26 different countries
- Five global security operations centers (SOCs) located in Chicago, Denver, Minneapolis, Manila and Warsaw
- The world-renowned Trustwave SpiderLabs® ethical hacking and threat research team
- A broad portfolio of security technologies and intellectual property with more than 56 patents either granted or pending
- The unified, cloud-based TrustKeeper® portal which is used to deliver Trustwave security and compliance services globally.
Chua Sock Koong, Singtel Group CEO, said: "We aspire to be a global player in cyber security. We have established a strong security business in the region, both organically and through strategic partnerships with global technology leaders. Our extensive customer reach and strong suite of ICT services, together with Trustwave's deep cyber security capabilities, will create a powerful combination and allow Singtel to capture global opportunities in the cyber security space."
The managed security services industry is expected to grow rapidly in the coming years due to the increasing frequency and complexity of cyber-attacks. The industry is estimated to reach approximately US$24 billion in 2018, up almost 75 percent from approximately US$14 billion in 2014, according to the 2014 Gartner Information Security Forecast report.i
Trustwave has expanded its leadership in managed security services over the years, and was recently recognized by the industry's top industry analyst firms and media outlets. In December, IDC named Trustwave a "company to watch" in its profile of the company. Forrester Research also named Trustwave a leader in "The Forrester Wave™: Managed Security Services: North America, Q4 2014," published in November iii. SC Magazine also recently named Trustwave a finalist for best managed security service in both their upcoming U.S. and European awards programs.
Post-acquisition, Trustwave will operate as a standalone business unit of Singtel. It will also strengthen its position in North America and Europe, while working closely with Singtel to broaden its overall security portfolio and to address the fast-growing emerging security market opportunity in the Asia Pacific region. Trustwave will continue to be headquartered in Chicago, and the current Trustwave management team will drive the operations and growth of the business.
Trustwave received an early investment from FTV Capital, led by Richard Garman, Managing Partner and angel investor Dick Kiphart who is a Partner and Senior Advisor at William Blair & Company.
The acquisition is subject to regulatory approvals and other customary closing conditions.
About Singtel
Singtel is Asia's leading communications group providing a portfolio of services including voice and data solutions over fixed, wireless and Internet platforms as well as infocomm technology and pay TV. The Group has presence in Asia, Australia and Africa with over 500 million mobile customers in 25 countries, including Bangladesh, India, Indonesia, the Philippines and Thailand. It also has a vast network of offices throughout Asia Pacific, Europe and the United States. More information can be found at www.singtel.com.
About Trustwave
Trustwave helps businesses fight cybercrime, protect data and reduce security risk. With cloud and managed security services, integrated technologies and a team of security experts, ethical hackers and researchers, Trustwave enables businesses to transform the way they manage their information security and compliance programs. More than three million businesses are enrolled in the Trustwave TrustKeeper® cloud platform, through which Trustwave delivers automated, efficient and cost-effective threat, vulnerability and compliance management. Trustwave is headquartered in Chicago, with customers in 96 countries. For more information about Trustwave, visit https://www.trustwave.com/en-us/.
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i Source: Gartner. Forecast: Information Security, Worldwide, 2012-2018, 2Q14 Update. Published: Aug. 2014. Analysts: Ruggero Contu, Christian Canales, Lawrence Pingree. ID: G00264279.
ii Source: IDC. Trustwave Private Vendor Watchlist Profile: Pure-Play Security Services. Published: Dec. 2014. Analysts: Christina Richmond, Petra Kacer. ID: 252959.
iii The Forrester Wave™: Managed Security Services: North America, Q4 2014. The Forrester Wave is copyrighted by Forrester Research, Inc. Forrester and Forrester Wave are trademarks of Forrester Research, Inc. The Forrester Wave is a graphical representation of Forrester's call on a market and is plotted using a detailed spreadsheet with exposed scores, weightings, and comments. Forrester does not endorse any vendor, product, or service depicted in the Forrester Wave. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change.
