In an effort to focus exclusively on its core business of managed detection and response (MDR), Chicago-based Trustwave has announced that it has sold its legacy payment card industry compliance business, called SecureTrust, to Ireland-based company Sysnet Global Solutions for $80 million.
Trustwave is part of Singapore telecom conglomerate Singtel, which recently completed a business analysis that concluded the company should focus on managed services.
According to Trustwave, the emergence of new and advanced threats and the proliferation of cloud adoption over the past five years have driven the company to grow and evolve its offering alongside client needs. While Trustwave’s legacy is rooted in PCI compliance, today the company’s core offering is centered around Managed Security Services (MSS), Managed Detection and Response (MDR), and Consulting and Professional Services (CPS).
“This business shift will allow Trustwave to rapidly accelerate its momentum as a leader in managed detection and response, world-class professional services, and data protection,” said Eric Harmon, Chief Executive Officer of Trustwave. “Trustwave clients will benefit from a narrowed focus on the offerings that matter most to them. This will translate to more innovations across our industry-leading client services and targeted investment in emerging technologies and world-class talent.”
The acquisition of SecureTrust will allow Sysnet to further expand its cyber security solutions and accelerate its market expansion, said the company.
“We are very excited to have the SecureTrust team join Sysnet Global Solutions,” said Bob McCullen, Chief Executive Officer of Sysnet, in a statement. “The Sysnet brand has long been synonymous with trusted solutions in the managed security and compliance market. By integrating talent and technology from pioneering brands, such as SecureTrust, into our portfolio, we can deliver the innovation that our clients need to stay ahead of the curve along with the peace of mind that comes with working with a well-established authority in the space, no matter their size or requirements.”
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Edited by
Luke Bellos
