AhnLab Inc announces Saudi security joint venture

AhnLab Inc announces Saudi security joint venture

AhnLab Inc. announced on Monday that it has signed an agreement with Saudi Arabian Information Technology Company (SITE) to establish a joint venture (JV).

SITE is a security and cloud service national enterprise that is fully funded by Saudi Arabia’s Public Investment Fund (PIF).

The new JV is set to launch in the first half of this year, with AhnLab owning a 25% stake and SITE holding the majority of 75%.

The collaboration aims to provide advanced security solutions and services to public institutions and businesses in Saudi Arabia.

Among the offerings will be AhnLab XDR, a cloud and artificial intelligence (AI) based software as a service (SaaS) for threat analysis, alongside a suite of network security products.

Plans are in place to further expand the range of solutions and services to include generative AI security and IoT/OT security in the future.

The joint venture aims to expand both companies’ cybersecurity business across the Middle East and North Africa, leveraging SITE’s robust clientele in the Saudi public market.

Additionally, to reinforce this cooperative venture, SITE Ventures, a wholly-owned subsidiary of SITE, will proceed with an investment to acquire a 10% stake in AhnLab through a third-party allocation paid-in capital increase method.

The investment amount is 74.4 billion won (USD$55.34 million).

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