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PIF’s Site + Korea’s AhnLab are setting up a cybersecurity joint venture in the Kingdom: Saudi Information Technology (Site) — a wholly owned subsidiary of the Public Investment Fund (PIF) — signed an agreement with South Korean IT solutions provider AhnLab to establish a cybersecurity joint venture, the two said in a joint statement yesterday. They’re looking to market cybersecurity solutions to government agencies and the private sector in Saudi and across the region and into North Africa.
Who owns what? PIF cybersecurity champion Site will hold a 75% stake, while AhnLab hold 25%. The Saudi-headquartered JV should start operations in the first half of this year.
Localization is the name of the game: The JV will focus on localizing a suite of network security products, including AhnLab’s cloud and AI-based cybersecurity threat analysis package.
Site Ventures is also buying a 10% stake in AhnLab: Site Ventures, a wholly owned unit of Site, will acquire a stake in the Seoul-based firm through a KRW 74.4 bn (c. USD 55.3 mn) capital injection on 27 June, according to the statement.
What they 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,” Site CEO Saad Al-Aboodi said.
About Ahnlab: Founded in 1995 Seoul, the Kosdaq-listed company offers antivirus software, mobile security, online financial transaction protection, and consulting services to customers ranging from SMEs to global enterprises and governments.
IN CONTEXT: Saudi has been upping its cybersecurity game: Cyberani, a subsidiary of Aramco, recently partnered with French defense electronics provider Thales to bolster local digital infrastructure for cybersecurity, according to a statement.
