Singapore telecom firm StarHub Ltd has further augmented its enterprise solutions offering through the acquisition of city-state-based D’Crypt Pte Ltd for a maximum consideration of up to S$122 million ($90.4 million). The acquisition will be paid in cash and funded using internal resources.
The acquisition will be conducted in two phases; 65 per cent upon completion of Phase 1 and 35 per cent in Phase 2 by first half 2021. Following the completion of Phase 2, D’Crypt will be a wholly-owned subsidiary of StarHub. The first phase is expected to close by early 2018.
According to StarHub, the proposed acquisition will enhance StarHub’s solutions capabilities in cryptographic and digital security, secure info-communications technologies (ICT) and the Internet of Things (IOT).
StarHub conglomerate counts among its majority shareholders Asia Mobile Holdings, a subsidiary of Singapore Technologies Telemedia and Ooredoo and NTT Communications Corporation (NTT Com), a wholly-owned subsidiary of Nippon Telegraph and Telephone Corporation (NTT).
StarHub subsidiaries include StarHub Mobile Pte Ltd, StarHub Cable Vision, StarHub Online Pte Ltd, StarHub Internet, Nucleus Connect and Accel Systems & Technologies Pte Ltd.
Led by Dr Antony Ng, D’Crypt provides cryptographic technology for high-security applications, systems and products.
Tan Tong Hai, CEO of StarHub, said, “The enterprise business is a key pillar of our growth strategy and this strategic investment will further expand the breadth and depth of our enterprise solutions. D’Crypt’s deep engineering and R&D expertise will allow us to develop new intellectual property and products which meet our customers’ requirements as well as support Singapore’s Smart Nation initiatives.”
“This is in line with our goal to continue delivering truly innovative solutions to enterprises and the government which will ultimately benefit consumers,” he adds.