SINGAPORE: StarHub has agreed to buy homegrown firm D'Crypt - the company behind the technical and security systems in the In-Vehicle Units in Singapore cars - for up to S$122 million.
In a press release on Friday (Dec 15), StarHub said the acquisition will be done in two stages; 65 per cent upon completion of phase 1 and 35 per cent in phase 2 by the first half of 2021.
After the acquisition, D'Crypt will operate as a standalone StarHub subsidiary and will continue to be led by the current management team.
StarHub said the deal will help it enhance its cryptographic and digital security, info-communications technologies and other key areas in its quest to become a robust Smart Nation platform.
"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," said StarHub's chief executive officer Tan Tong Hai.
The acquisition will be paid in cash and funded through StarHub's internal financial sources.
D'Crypt, a company with a "strong track record" in cryptographic technology, welcomed the new relationship under the acquisition.
“StarHub’s ambition in cyber security and deep technology, their clear commitment to their customers and partners, and the value they place on the team in D’Crypt have been crucial in cementing this relationship," said D'Crypt's CEO Antony Ng.