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Saudi PIF’s SITE acquires 10% of South Korea-based AhnLab

Saudi PIF’s SITE acquires 10% of South Korea-based AhnLab
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Riyadh – Mubasher: Saudi Information Technology Company (SITE), Wholly owned by the Public Investment Fund (PIF), and its subsidiary SITE Ventures, have entered into a dual investment with AhnLab, a cybersecurity company in South Korea.

The PIF entities will co-invest more than SAR 500 million in the deployment and localisation of multiple cybersecurity technologies in Saudi Arabia as well as the MENA region, according to a press release.

Under the deal, the parties will anchor a newly created joint venture (JV) to localise an array of advanced cybersecurity technologies to serve the national and regional markets.

Furthermore, SITE Ventures is set to acquire a 10% stake in AhnLab through a capital increase.

Coupled with the robust research and development channel, the agreements will enable the partners to create an inspiring platform to develop enhanced products and solutions to meet the increasing global demand for these technologies.

Saad Alaboodi, CEO of SITE, remarked: “We recognise 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 to our clients in both the public and private sectors in the Kingdom and the region.”

Suk-Kyoon Kang, CEO of AhnLab, commented: “Through the new JV, we expect to jointly tailor our cybersecurity technologies to the needs of the MENA market, including Saudi Arabia, and accelerate global growth.”

"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 region," the CEO added.