AhnLab, a leading cybersecurity company based in South Korea, has announced its partnership with the Saudi Information Technology Company (SITE), a security and cloud service enterprise fully funded by Saudi Arabia’s Public Investment Fund (PIF), to establish a joint venture (JV) focused on cybersecurity.
Under the deal, SITE will acquire a 10% share of AhnLab for $55.3 million.
In an official statement, the companies announced that AhnLab will hold a 25% stake in the JV, with SITE holding the remaining 75%. The companies aim to complete the establishment of the JV within the first half of this year through joint investment.
This strategic move by AhnLab marks its expansion into the Middle East and North Africa region, leveraging the partnership with SITE. The JV is poised to offer AhnLab’s state-of-the-art security solutions, including the cloud and AI-based SaaS security threat analysis platform AhnLab XDR, to local government agencies and businesses in Saudi Arabia.
Additionally, the JV plans to provide AhnLab’s solutions and services in network security products to further strengthen cyber defenses in the region.
This partnership aims to expand cybersecurity services in the Middle East and North Africa, tapping into SITE’s strong market presence in Saudi Arabia. They plan to offer advanced solutions like AI-driven security and IoT protection in the future.
Sukkyoon Kang, CEO of AhnLab, expressed optimism about the JV.
“This JV establishment signifies a long-term collaboration based on the strengths of both companies to grow together in the Middle East region,” he said.
“Through this venture, we anticipate showcasing AhnLab’s cyber security, cloud, and AI capabilities in the Middle East, driving global revenue growth,” added the CEO.
On his part, Saad Al-Aboodi, CEO of SITE, said: “This new joint venture is one of many ambitious investments that SITE is developing.”
“We recognize our strategic role to localize top-tier cybersecurity technologies in our country and the region as a whole, to address the ever-growing market dynamics and demands while maintaining the highest standards of excellence to our clients in both the public and private sector,” he added.
Established in 2017, SITE aims to enhance local content and secure national infrastructure through digital and cybersecurity solutions, contributing to a sustainable knowledge-based economy.
