Singapore’s Temasek Holdings has reportedly announced to have formed a joint venture, named as Ensign InfoSecurity, with telecommunications giant StarHub Ltd. As per trusted sources, Ensign InfoSecurity will be one of the biggest cybersecurity firms in Asia.
A press release by StarHub stated that the company will merge its subsidiary Accel Systems and Technologies (ASTL) and Cyber Security Centre of Excellence with Temasek’s Quann to set up the joint venture.
Reportedly, Ensign will be headed by Lee Fook Sun who is presently the chairman of Singapore Building and Construction Authority and Executive Chairman of Quann. Sources familiar with the development claim that Ensign would employ about 500 cyber-security specialists and the firm would provide services to government and enterprise customers.
Temasek would own a majority stake of 60% in Ensign while StarHub would hold the remaining 40%. Apart from transferring 100% shares of ASTL, StarHub is likely to pay $36 million for its stake in Ensign, cite sources.
According to a report published by The Straits Times, Ensign has agreed to purchase certain cyber-security related assets of StarHub in a $120 million deal. Reportedly, StarHub will receive $16 million in cash and the remaining amount would be provided through the allotment and issuance of $104 million Ensign shares at an issue price of $1 per share.
Lee Fook Sun was reportedly quoted stating that Ensign will integrate the expertise of its founding partners and develop new abilities to ensure its clients have the strongest cyber-defense capabilities. He further mentioned that Ensign is fortunate to be backed by a strong team to enhance its capabilities and take on market opportunities.
According to sources familiar with the development, the company further plans to expand its focus on cyber analytics, development of global threat intelligence centers and setting up cyber-security R&D labs. Ensign confirmed that it would generate more than $100 million in revenues annually in cyber-security solutions, managed services, and system integrations, cite sources.