Local telco StarHub on Wednesday (Aug 5) announced it has struck an agreement with Temasek subsidiary Leone Investments to form a joint venture, Ensign InfoSecurity, which it said will be one of the largest cybersecurity organisations in Asia.
In a press release, StarHub said it will merge its Cyber Security Centre of Excellence as well as its subsidiary Accel Systems and Technologies (ASTL) with Temasek-owned Quann to form the new entity. Quann is a subsidiary of security vendor Certis Cisco.
It will be led by Quann executive chairman Lee Fook Sun, according to a separate joint press release by StarHub and Certis Cisco.
Temasek will hold a majority 60 per cent of the joint venture firm, while StarHub will own the remaining 40 per cent, it added.
Besides transferring 100 per cent of ASTL and other cybersecurity assets, StarHub said it will pay S$36 million in cash for its stake in Ensign and the transaction is expected to close by this October "subject to the fulfilment of mutually agreed conditions".
Certis Cisco did not disclose financial details.
Ensign said in its own press release on Wednesday it will have about 500 cybersecurity specialists in its books, and will provide services for government and enterprise customers.
It added it will generate revenue in excess of S$100 million annually in cybersecurity solutions, systems integration and managed services, and will look to expand beyond its core markets of Singapore, Malaysia and Hong Kong.