A leading South Korean cybersecurity company, AhnLab Inc., has recently revealed its strategic plan to establish a joint venture with the Saudi Arabian Information Technology Company (SITE), which is a national enterprise specializing in security and cloud services, backed by the Saudi Public Investment Fund (PIF).
The commencement of this joint venture is targeted for the initial half of the current year, with AhnLab having a 25% ownership and SITE holding the majority stake of 75%.
Through this alliance, the goal is to provide cutting-edge security solutions and services to governmental bodies and businesses within Saudi Arabia. The proposed solutions will include AhnLab XDR, an innovative cloud and AI-powered SaaS platform designed for threat analysis, in addition to a comprehensive portfolio of network security products.
The companies also envision future enhancements to their offerings, incorporating generative AI security and IoT/OT security technologies.
Moreover, this joint venture is strategically positioned to boost the cybersecurity presence of both firms throughout the Middle East and North Africa regions, capitalizing on SITE’s substantial customer base in the Saudi public sector.
In support of this initiative, SITE Ventures, a subsidiary of SITE, is set to further cement the partnership by investing in a 10% share of AhnLab. This investment, amounting to 74.4 billion won (approximately $55.34 million), is planned to be executed through a third-party paid-in capital increase on June 27.