AT&T to create standalone managed cybersecurity services business

AT&T announces an agreement to create a standalone managed cybersecurity services business, and a capital investment in that business from WillJam Ventures, a Chicago-based investor with “deep cybersecurity industry and leadership experience.” At close, the new cybersecurity joint venture will hold select security software solutions, associated managed security operations and security consulting resources. AT&T will retain an ownership stake and board representation in the new entity. “This arrangement will enable AT&T to continue offering Managed Security Services, while simultaneously focusing on enhanced network-based security capabilities,” the company stated. AT&T expects the transaction, which is subject to regulatory reviews and customary closing conditions, to close in 1Q24. Additional terms of the transaction were not disclosed.