Singapore-based Singtel continued a revamp of its operations with plans to offload its payment card industry compliance business SecureTrust to Sysnet Global Solutions for $80 million.
SecureTrust is a subsidiary of Singtel’s cybersecurity arm Trustwave.
Singtel group CEO Yuen Kuan Moon stated the sale follows “an extensive review of the Trustwave business and serves to sharpen its focus and reposition it for growth”.
He said by divesting the unit, Trustwave can better address cybersecurity threats by “concentrating on its core offerings of managed detection and response”, and managed security services.
The move is part of a corporate restructuring which includes plans to offload telecoms infrastructure assets.
Earlier this month, Singtel agreed to sell a 70 per cent stake in Australia Tower Network for AUD1.9 billion ($1.4 billion).
Singtel stated the financial impact of the transaction will not be material to the group.Subscribe to our daily newsletter Back