Singaporean operator StarHub has announced an agreement to acquire a 51% stake in cyber security systems integrator Accel Systems & Technologies for S$19.3 million ($14 million) in cash.
StarHub said the proposed acquisition will strengthen its cyber security portfolio, giving it the in-house capabilities to be an end-to-end provider of cyber security solutions and services.
Accel specializes in the provision of security solutions, consulting and managed security services. Accel services a wide range of local and multinational clients including government agencies. It has also been a player in developing Singapore’s cyber security ecosystem via partnerships with global security companies and its involvement in government initiatives such as Cyber Security Associates and Technologists program.
“Singapore’s growing status as a ‘Smart Nation’ underscores the importance of cyber security in today’s digital economy, said StarHub CEO Tan Tong Hai. “With Accel, we will be able to offer the full spectrum of cyber security solutions, making us well placed to meet this demand.”
Accel CEO Tammie Tham said that joining forces with StarHub would allow Accel “to further build on our existing competencies to offer a strengthened value proposition to our customers.”
Following the acquisition of Accel, StarHub will expand the internal research and development abilities of its cyber security Centre of Excellence (COE) to develop and localize advanced cyber security solutions. StarHub will also continue to work with its existing key partners to deliver services such as Cyber Threat Monitoring, Internet Clean Pipe and Unified Threat Management.
Accel will operate as a standalone StarHub subsidiary and continue to be led by its current management team. In addition, its offerings will be enhanced by StarHub’s cyber security COE.
The acquisition is expected to close by mid-June.