ECONOMY

Hong Kong telecom group buys out Greek start-up

Hong Kong-based telecommunications multinational PCCW Global has announced it has bought out Greek start-up Crypteia Networks, aiming to incorporate its products into the group’s portfolio.

Founded in 2011, Crypteia develops innovative solutions for secure communications which it supplies in the form of security as a service. This allows enterprises to monitor possible problems from digital threats in their internal as well as external networks.

The firm uses non-intervention approaches in its solutions and, according to PCCW Global, it will soon receive its patent.

It already has customers in over 20 sectors, including shipping, telecoms, and finance.

PCCW Global has acquired 100 percent of Crypteia for an undisclosed amount. It will maintain the Greek company’s operation mode, as Crypteia will retain its name and continue its activities in Greece.

PCCW Global has also had a Greek subsidiary since 2007, responsible for sales and support in the Balkans.