South Korea’s cybersecurity titan, AhnLab, has revealed a collaborative venture with Saudi Information Technology Company (SITE), a security and cloud services provider backed by the Saudi Public Investment Fund. The initiative will launch a joint venture dedicated to cybersecurity enhancements.
AhnLab will transfer a 10% equity stake valued at $55.3 million to SITE as part of the agreement.
The entities disclosed that the joint venture will see AhnLab owning a 25% share, with SITE possessing the larger 75% interest. The objective is to finalize the joint venture setup via shared investment within the year’s first semester.
By entering this alliance, AhnLab seeks to extend its reach into the Middle East and North Africa market with SITE’s regional influence. The joint venture is set to deliver cutting-edge security solutions from AhnLab, including the cloud and AI-driven SaaS security platform, AhnLab XDR, to public and private sector entities within Saudi Arabia.
Furthermore, the partnership will see the introduction of AhnLab’s network security products in the region to fortify cyber defenses.
The collaboration is poised to augment cybersecurity services across the Middle East and North Africa, banking on SITE’s robust foothold in the Saudi market. Future plans include rolling out AI-powered security and IoT protection solutions.
AhnLab’s CEO Sukkyoon Kang conveyed confidence in the joint venture’s potential.
“This joint venture marks a milestone in our long-term cooperation, uniting both companies’ strengths to expand in the Middle East,” Kang remarked. “We’re eager to demonstrate AhnLab’s prowess in cybersecurity, cloud, and AI technologies in the region, which will contribute to our global revenue growth.”
Saad Al-Aboodi, CEO of SITE, also commented on the venture’s scope.
“The joint venture aligns with SITE’s investment strategy to cultivate world-class cybersecurity technologies locally and across the broader region, catering to the sophisticated demands of the market while upholding excellence for our clients in both governmental and private sectors,” Al-Aboodi stated.
Since its inception in 2017, SITE has been dedicated to bolstering local capabilities and safeguarding national infrastructure through advanced digital and cybersecurity solutions, supporting the development of a knowledge-based economy.