Saudi PIF’s SITE Acquires 10% of South Korea-based AhnLab
This joint venture focuses on adapting advanced cybersecurity solutions to meet the specific needs of the region.
Saudi Arabia's Public Investment Fund (PIF) subsidiary, Saudi Information Technology Company (SITE), has acquired 10% stake in South Korea's AhnLab.[1]
The investment, totaling over $133.30 million, aims to bolster cybersecurity technologies both locally in Saudi Arabia and across the MENA region. This strategic partnership will see the creation of a joint venture focused on adapting advanced cybersecurity solutions to meet the specific needs of the region.
As part of the deal, SITE Ventures, a subsidiary of SITE, will acquire the stake in AhnLab through a capital increase. This move is expected to enhance the research and development capabilities of both companies, enabling them to deliver cybersecurity products and solutions to address the growing global demand.
The Saudi PIF owns the entire Saudi SITE, which opened its doors in 2017.