PIF-owned SITE acquires 10% of Korea’s AhnLab

03/04/2024 Argaam
Logo ofPublic Investment Fund (PIF)

Logo of Public Investment Fund (PIF)

The Saudi Information Technology Co. (SITE), a Public Investment Fund (PIF)-owned company, inked a joint venture (JV) agreement with Korea-based leading cybersecurity firm, AhnLab Inc., to localize and develop top-tier cybersecurity technologies in Saudi Arabia, the Middle East and North Africa.

 

Under the deal, SITE, through its subsidiary SITE Projects, acquires a 10% stake in AhnLab through a SAR 500 million capital injection.

 

The JV will focus on localizing a suite of network security products, including AhnLab’s TrusGuard, next-generation firewall and Advanced Network Intrusion Prevention System (AhnLab AIPS).

 

The agreement also entailed laying the foundation for implementing a joint research and innovation initiative to localize AhnLab's cybersecurity solutions and services to clients in Saudi Arabia.

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