Telecoms service provider StarHub on Monday said it acquired D'Crypt Pte Ltd for a maximum consideration of up to S$122 million.
The proposed acquisition will enhance StarHub's solution capabilities in areas such as cryptographic and digital security, secure info-communications technologies and Internet of Things; areas vital to Singapore's vision of a robust, secure Smart Nation platform, the company said in a statement.
D'Crypt delivers leading edge cryptographic technology for high security applications, systems and products. It specialises in developing and supplying data security products and components.
"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," Tan Tong Hai, Chief Executive Officer of StarHub said in a statement.
Established in 2000, the company services clients in the military, security and government sectors across the globe.
Post-acquisition, D'Crypt will operate as a standalone StarHub subsidiary and continue to be led by its current management team.
The acquisition will be conducted in two phases; 65 percent upon completion of Phase 1 and 35 percent in Phase 2 by first half of 2021.
The acquisition will be paid in cash and funded using internal cash resources, StarHub said.