AhnLab and SITE signed an agreement to establish a cybersecurity joint venture | Photo provided by AhnLab
AhnLab (CEO Suk-Kyoon Kang) has completed the establishment of a cybersecurity joint venture with Saudi Arabian security company SITE.
On the 21st, AhnLab announced the official launch of the joint venture (JV) ‘Rakeen’ with SITE (Saudi Information Technology Company), a leading cybersecurity and cloud provider in Saudi Arabia.
SITE is fully owned by the Saudi Public Investment Fund (PIF) and is at the forefront of Saudi Arabia’s digital transformation, driving cybersecurity, cloud, and software development initiatives. AhnLab will supply the joint venture with security solutions optimized for the local IT environment and provide expertise in threat analysis and security system construction.
The new joint venture, ‘Rakeen,’ based in Riyadh, Saudi Arabia, will offer a wide range of solutions and services to public institutions and businesses in the region, including:
- Endpoint security for PCs, mobile devices, and servers
- Network security solutions
- Cloud and AI-based threat analysis platforms like XDR (Extended Detection and Response).
Additionally, Rakeen plans to expand its service portfolio to include generative AI security and IoT/OT security, with business expansion targeting the Middle East and North Africa (MENA) region.
The joint venture will integrate personnel from SITE and AhnLab to ensure smooth operations. AhnLab and SITE expect Rakeen to benefit from the combination of AhnLab’s globally recognized security technology and SITE’s expertise in the local market, facilitating rapid market entry and growth.
As part of the long-term collaboration, SITE Ventures, a subsidiary of SITE, has acquired a 10% stake in AhnLab through a third-party allocation, completing the investment process on September 26. Additionally, SITE’s CFO, Hassan M. Alhussain, was appointed as a non-executive director of AhnLab, officially joining the board on September 25.
Suk-Kyoon Kang, CEO of AhnLab, stated, “The Middle East, including Saudi Arabia, is undergoing rapid digital transformation, and we anticipate a surge in demand for cybersecurity. AhnLab will actively collaborate with Rakeen to deliver products and services optimized for the Saudi and MENA regions, driving rapid success in Saudi and global markets.”
Dr. Saad Alaboodi, CEO of SITE, added, “This joint venture is a key strategy for localizing cutting-edge cybersecurity technologies and meeting the growing demands for protecting digital assets in Saudi Arabia and the MENA region. Through Rakeen, we will provide top-tier services to both public and private sector clients.”
Pangyo Techno Valley is a global integrated R&D hub focused on IT, BT, CT, and NT, integrating Research (R), People (P), Information (I), and Trade (T). As Gyeonggi-do’s representative innovation cluster, Pangyo Techno Valley was established to secure national new growth drivers such as technological innovation, human resource development, job creation, and enhancing international business competitiveness. As of 2023, 1,666 companies employ 78,751 people, and it has positioned itself as the most innovative hub in South Korea, with sales amounting to 167.7 trillion KRW (125.5 billion USD).
Furthermore, the Techno Valley Innovation Division of the Gyeonggi-do Business & Science Accelerator (GBSA) holds monthly events such as the Pangyo Evening Meet-Up, Pan-Pan Day, and the Pangyo Startup Investment Exchange “In-Best Pangyo” to maximize the value of Pangyo Techno Valley. They also support the Pangyo Overseas Promotion Program to publicize information about Pangyo’s companies, products, and services to domestic and foreign investors and the media, thereby facilitating foreign investment.
