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StarHub to acquire 51% stake in Accel Systems & Technologies for S$19.4m
STARHUB Ltd has agreed to acquire a 51 per cent stake in Accel Systems & Technologies Pte Ltd (ASTL) for S$19.38 million.
This move will strengthen StarHub's cyber security portfolio, giving it the in-house capabilities to be an end-to-end provider of cyber security solutions and services, it said on Friday.
The sale-and-purchase agreement was entered into on Friday with Accel Frontline Ltd for StarHub to acquire 11.73 million shares in ASTL. Following the completion of this transaction, ASTL will become a subsidiary of StarHub.
"Singapore's growing status as a smart nation underscores the importance of cyber security in today's digital economy. With Accel, we will be able to offer the full spectrum of cyber security solutions, making us well-placed to meet this demand," said Tan Tong Hai, CEO of StarHub.
"Furthermore, 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."