The Clap
Saudi Information Technology company “SITE,” a subsidiary of the Public Investment Fund, has acquired 10% of South Korean company “Ahnlab” through its subsidiary “SITE Ventures.” The deal was valued at $55.2 million.
Investment Agreement
The partial acquisition is part of an investment agreement signed by “SITE” with “Ahnlab,” a global leader in cybersecurity, for an amount exceeding 500 million riyals. The aim is to localize and develop advanced cybersecurity technologies in the Kingdom, the Middle East, and North Africa.
So What
Ahnlab stated that it aims, along with “SITE,” to establish a joint project in Saudi Arabia to build a strategic partnership. The project is expected to be established in the first half of this year, with “Ahnlab” and “SITE” holding 25% and 75% of the investment respectively, according to the South Korean news agency “Yonhap.”
The two companies plan to expand their cybersecurity businesses to the Middle East and North Africa, including “SITE’s” local clients.
Some Context
Established in 2017, “SITE” works on developing reliable and innovative products, services, and solutions in cybersecurity, cloud computing, systems integration, and human capital development.
