Optus Cyber Security, a wholly owned subsidiary of Singtel, has signed an agreement to buy all of Australia-based cyber-security consultant Hivint for a cash consideration of up to A$23.3 million, or around S$23 million, it said in a filing to SGX after the market close on Wednesday.
“This acquisition will strengthen Optus Business’ cyber security capabilities as Trustwave, the global cyber security arm of Singtel and Optus, integrates Hivint’s advisory services into Trustwave’s security offerings across Australia and the Asia Pacific,” the statement said.
Privately owned Hivint provides cyber-security services including technical, governance, risk and compliance, mainly in Australia, it said. One of the company’s differentiating factors is its “Security Colony,” a collaborative software-as-a-service platform that lets subscribers use a library of information security management systems, policies, standards and templates, it said.
“This acquisition is timely as an overwhelming 85 percent of over 200 Australian enterprises we surveyed cited cyber and information security as having the highest disruptive impact on their industries in the next three years,” John Paitaridis, Optus business managing director, said in the statement.
He said the acquisition would strengthen Optus’ position as a cyber-security service provider and adviser to both government and enterprise customers.
The consideration is subject to earn-out targets, adjustments to working capital and cash at closing, the filing said.
Hivint had net tangible assets of around A$2.5 million, based on its financial statements as of 30 June, it said.