Secura Group, one of the leading providers of security products, services, and solutions in Singapore, has entered into a subscription and shareholders’ agreement with Custodio Technologies (CPTL) to subscribe for 200 new ordinary shares in CTPL for a cash consideration of US$4.5 million.
The Proposed Subscription, which represents 20% of the enlarged issued and paid-up share capital of CTPL, will be fully funded by internal resources. CTPL’s principal activities are to carry out, in Singapore, research and development of new cybersecurity solutions and capabilities with a focus on cyber early warning technology, thus paving the way for Secura to grow its cybersecurity business in this area.
Custodio’s ultimate shareholding company is Israel Aerospace Industries (IAI). Through the Proposed Subscription, the group will also be able to tap into Israel’s innovation and have the right to distribute and sell products and solutions from CTPL’s R&D efforts.
Mr. Paul Lim, CEO of Secura, said, "We live in a digital age where cyber attacks are getting more complex and harder to preempt. The ransomware cyber attacks last Friday affected more than 150 countries and 200,000 users worldwide. This is where early detection plays an increasingly important role and hence, the market potential for cyber early warning technology is vast and fast-growing. Our investment in Custodio Technologies opens the door for Secura to establish itself as an innovation center for the design and implementation of such firmware, hardware and software, which we believe has strong potential for growth. It is also part of our strategy to continuously seek cutting-edge security solutions to bring to Singapore and the region."
"We are proud to have Secura joining us in Custodio Technologies," said Ms. Esti Peshin, General Manager of IAI's Cyber Division. "This investment will help us continue the development of Custodio Technologies cyber early warning technology. We see this partnership as a strategic and synergetic one, combining Secura’s expertise and reputation and Custodio Technologies’ cutting edge cyber early warning technology."
Secura is also a preferred partner of Israel-based Cellebrite Asia Pacific, an award-winning global provider of mobile forensics products and services, in Singapore, Cambodia, and Laos.