Trustwave Holdings, Inc. Due Diligence

Run due diligence on Trustwave Holdings, Inc.: check compliance and get alerts when suppliers change.

United States · www.trustwave.com · 10 vendors

Trustwave Holdings, Inc. is an American cybersecurity company that helps businesses fight cybercrime, protect data, and reduce security risk. It provides cloud and managed security services, integrated technologies, and a team of security experts, ethical hackers, and researchers.

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 10 sub-vendors.

Insights

Last updated 2026-08-17 · revision 2

10 direct vendors, 174 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

12 in-scope frameworks identified; showing 3.

FedRAMP — Evidence found

Evidence: https://www.trustwave.com/en-us/company/newsroom/news/trustwave-becomes-first-pure-play-mdr-provider-to-attain-fedramp-authorization/, https://www.trustwave.com/en-us/company/newsroom/news/trustwave-government-solutions-attains-stateramp-authorization/, https://www.levelblue.com/solutions/government

ISAE 3000 (source) — No public evidence

Evidence: https://www.trustwave.com/en-us/company/newsroom/news/trustwave-achieves-2010-webtrust-compliance/, https://www.levelblue.com/spiderlabs, https://www.levelblue.com/services/cyber-advisory

SOC 2 (source) — No public evidence

Evidence: https://www.trustwave.com/en-us/company/newsroom/news/trustwave-becomes-first-pure-play-mdr-provider-to-attain-fedramp-authorization/, https://www.trustwave.com/en-us/company/newsroom/news/trustwave-government-solutions-attains-stateramp-authorization/, https://www.levelblue.com/solutions/iso

Financials

Three-year financials

Financial Resilience Score: 4/10

Trustwave's financial resilience is difficult to assess directly because it has been a private company since its 2015 acquisition by Singtel and remains private after its February 2024 sale to MC² Security Fund (The Chertoff Group). No audited public revenue, EBIT, or equity figures are available for FY2022–FY2024. However, several public signals suggest weakened financial performance under Singtel ownership: the enterprise value fell approximately 73% from ~US$770M in 2015 to ~US$205M in 2024, and Singtel recognized a S$589M non-cash impairment on Trustwave goodwill in FY2019. Singtel also publicly indicated Trustwave was loss-making at the operating level in recent years prior to divestment. On the positive side, Trustwave has a long-established brand (founded 1995), a recurring-revenue MSS/MDR business model providing revenue visibility, a global 24/7 SOC footprint, and a well-regarded SpiderLabs threat research unit. The 2024 recapitalization under MC²/Chertoff Group likely provided a cleaner balance sheet and reset cost base. Still, intense competition from larger MDR/XDR peers (CrowdStrike, Palo Alto Networks, Arctic Wolf, Secureworks), owner concentration risk under PE ownership, undisclosed leverage, and pricing pressure on legacy PCI/compliance services weigh on resilience. Overall, a mid-to-low resilience score is warranted given documented historical impairments, loss-making operations, and lack of transparency.

Key strengths: Long-established brand in MSS/MDR since 1995, Recurring revenue model with subscription-based MSS and MDR contracts, Global 24/7 SOC footprint across multiple regions, SpiderLabs threat intelligence reputation, Sticky enterprise/mid-market PCI compliance customer base, Post-2024 recapitalization under MC²/Chertoff Group

Risk factors: Sustained operating losses under Singtel ownership, ~73% enterprise value write-down from 2015 to 2024, S$589M goodwill impairment recognized by Singtel in FY2019, Intense competition from CrowdStrike, Palo Alto Networks, Arctic Wolf, Secureworks, Rapid7, Sophos, IBM, Private company opacity limits customer/partner financial assessment, PE owner concentration risk with undisclosed leverage, Talent retention challenges in competitive cyber labor market, Pricing pressure on legacy PCI/compliance services

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