StarHub has agreed to acquire a 51% stake in Accel Systems & Technologies, a cyber security systems integrator, for SG$19,380,000.
According to a statement, Accel will operate as an independent StarHub subsidiary and continue to operate under its current management team. The acquisition is subject to the fulfilment of mutually-agreed conditions, and expected to close by mid-June. Accel works with various local and multinational clients including government agencies, offering security solutions, consulting and managed security services. Clients for the company include Facebook, Dropbox, Slack, Etsy and Spotify.
According to StarHub, the acquisition is set to strengthen its cyber security portfolio, providing it with in-house capabilities to be an end-to-end provider of comprehensive cyber security solutions and services.
StarHub’s chief executive officer, Tan Tong Hai (pictured) said Singapore’s growing status as a Smart Nation underscores the importance of cyber security in today’s digital economy.
“The unique combination of Accel’s end-to-end cyber security solutions and our telco-centric, network-based capabilities will make us one of the few providers who can offer customers integrated cyber security solutions specially tailored to their needs,” he said.
Tammie Tham, chief executive officer of Accel, said, “Accel has a strong track record in cyber security solutions and systems integration. We believe that joining forces with StarHub, a fully integrated info-communications company with its own Cyber Security Centre of Excellence (COE), will allow us to further build on our existing competencies to offer a strengthened value proposition to our customers.”