AhnLab and SITE Partner to Set Up Joint Venture in Saudi Arabia
South Korea's cybersecurity company, AhnLab Inc., has joined forces with Saudi Arabia's information technology champion, SITE, to establish a joint venture (JV). This strategic partnership aims to significantly enhance cybersecurity solutions and services for businesses and public institutions across Saudi Arabia.
The new JV, launching in the first half of 2024, will leverage AhnLab's expertise in advanced security solutions like AhnLab XDR (a cloud-based AI threat analysis platform) and network security products. Additionally, the JV has plans to expand its offerings to include cutting-edge technologies like generative AI security and IoT/OT security solutions in the future.
This collaboration presents exciting opportunities for both companies. AhnLab gains access to SITE's extensive network within the Saudi public sector, expanding their reach across the Middle East and North Africa (MENA) region. Meanwhile, SITE strengthens its cybersecurity portfolio with AhnLab's advanced solutions, further solidifying their position as a national leader in IT security.
To further solidify this partnership, SITE Ventures, a subsidiary of SITE, will acquire a 10% stake in AhnLab through a $55.34 million investment. This collaboration signifies a strong commitment from both parties to elevating the cybersecurity landscape in Saudi Arabia and the wider MENA region.
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Date of record
1 April 2024
