SecureLetter, Drawing Attention for Saudi Investment with Unique Security Technology... On Track to Become a 1 Trillion Won Unicorn

[Featured Stock] Strong Performance Above IPO Price on First Trading Day
First Korean Security Company to Sign MOU with Saudi Arabia Investment Authority

Cybersecurity company Securetter is trading higher compared to its IPO price on its first day of listing.

As of 9:18 AM on the 24th, Securetter is trading at 20,550 KRW, up 71.25% from its IPO price.

Securetter provides on-premise security products and subscription-based security services applied to email, files, and cloud segments in the domestic and international security markets through its core technology, the ‘automated reverse engineering’-based ‘MARS platform.’ The MARS platform recorded an average diagnosis speed of 12 seconds in the Korea Information and Communications Technology Association’s verification and testing, and achieved the industry’s highest level of malicious file detection rate in the Korea Internet & Security Agency’s performance evaluation.

Using its self-developed ‘Content Disarm and Reconstruction (CDR)’ technology, Securetter removes elements with a high risk of malicious behavior inside files and reconstructs them in the same form as the original, implementing zero trust security.

Securetter is recognized for its outstanding technological capabilities in the security market and is the only security company selected for the Ministry of Science and ICT’s ‘2022 Global ICT Future Unicorn Nurturing Project.’ A unicorn refers to an unlisted company with a corporate value exceeding 1 trillion KRW. The MARS platform has been designated as an excellent research and development innovative product by the Ministry of SMEs and Startups and is currently supplied to over 40 major public institutions and more than 100 financial institutions and companies.

The company expects demand for the MARS platform to grow further due to increased awareness and investment in cybersecurity. Since 2020, its strategy to expand the proportion of private-sector B2B customers rather than the limited B2G (business-to-government) market has been effective, with B2B sales surpassing B2G sales for the first time last year.

After listing, Securetter plans to expand its overseas sales channels, including in the United States. It has already signed more than 10 partnerships in Southeast Asian markets such as Thailand, Indonesia, and Malaysia to supply its solutions. As the first domestic security company, it signed a Memorandum of Understanding (MOU) with the Saudi Arabian Ministry of Investment (MISA) to expand into the Middle East and Africa markets. Riyadh Valley Company (RVC), a Saudi Arabian government investment institution, also holds 4.11% (317,625 shares) of the company’s stock.

Im Chaeseong, CEO of Securetter, said, "Securetter will pioneer new markets such as secure data transmission, web services, and document centralization (ECM) security markets to become a leading global security unicorn representing Korea."

Yoon Cheolhwan, a researcher at Korea Investment & Securities, explained, "Securetter’s solution recorded a 100% malicious file detection rate in the KISA performance evaluation because it diagnoses and analyzes security vulnerabilities of non-executable files such as documents and images at the assembly level, the smallest unit of a file."

He added, "In the TTA performance evaluation, it recorded a diagnosis speed of 12.02 seconds, proving its competitiveness compared to existing APT solutions that take 3 to 5 minutes. Based on its verified technology, Securetter has over 40 public institutions including the National Pension Service and Korea Post, 15 financial institutions such as banks and securities firms, and more than 80 educational institutions and general companies as clients." Furthermore, he emphasized, "The domestic serviceable available market (SAM) is estimated at 370 billion KRW, while the current penetration rates in public institutions and financial institutions are only 11.5% and 1.5%, respectively. We expect continuous performance improvement driven by increasing demand going forward."