SITE Acquires 10% Stake in AhnLab for SAR 500 Million

Riyadh: Saudi Information Technology Company (SITE), a Public Investment Fund (PIF) company and the national cybersecurity champion, and its subsidiary SITE Ventures, have entered into an over SAR500 million dual investment with AhnLab Inc., a leading cybersecurity company in Republic of Korea, to co-invest in the deployment and localization of multiple cybersecurity technologies in the Kingdom of Saudi Arabia as well as the Middle East and North Africa, according to a news release from SITE.

The partners will join forces under a newly created joint venture (JV) to localize an array of cutting-edge cybersecurity technologies to serve the national and regional markets. As part of the venture, a joint research-and-development initiative has been established to facilitate and gain access to the best-of-breed technical knowledge and capabilities required in today’s evolving market, SITE said.

Furthermore, SITE Ventures is acquiring a 10% stake in AhnLab through a capital increase. Upon completion, these combine
d deals and the robust research-and-development channel will pave the way for the partners to create an inspiring platform to develop cutting-edge products and solutions, meeting the increasing global demand for these technologies.

SITE chief executive Dr. Saad Alaboodi remarked about the partnership: “This new investment is one of many that SITE is developing. We recognize our national 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 for our clients in both the public and private sectors in the Kingdom and the region.”

AhnLab chief executive Suk-Kyoon Kang said: “The establishment of this joint venture signifies a long-term cooperation based on the competitive strengths of both companies to grow together in the MENA (Middle East and North Africa) region.”

“Through the new JV, we expect to jointly tailor our cybersecurity technologies to the ne
eds of the MENA market, including Saudi Arabia, and accelerate global growth,’ Kang said.

Source: Saudi Press Agency