AhnLab Officially Launches Cybersecurity Joint Venture 'Lakin' with Saudi Company

Completion of Rakin Establishment in Riyadh, Saudi Arabia
Targeting the Middle East and North Africa Security Market

AhnLab announced on the 21st that it has completed the establishment of the cybersecurity joint venture (JV) 'Rakeen' with SITE, a cybersecurity and cloud supply company in Saudi Arabia, and officially launched it.

Rakeen is the English transliteration of an Arabic word meaning 'stable' and 'trustworthy.' As a specialized cybersecurity solutions company, it emphasizes the stability of its products and the reliability of its technology.

AhnLab's Cybersecurity Joint Venture Lakin CI Established with Saudi Arabian Cybersecurity and Cloud Provider SITE [Image=AhnLab]

SITE is a company 100% owned by Saudi Arabia's Public Investment Fund (PIF). It is leading Saudi Arabia's digital transformation, cybersecurity, cloud, and software (SW) development. AhnLab supplies Rakeen with security solutions and technologies optimized for the local IT environment and provides threat analysis and security system construction technologies.

Located in Riyadh, Saudi Arabia, Rakeen offers various solutions and services to Saudi public institutions and enterprises, including ▲endpoint security product suites to protect PCs, mobiles, and servers ▲network security product suites ▲XDR, a cloud and artificial intelligence (AI)-based software-as-a-service (SaaS) security threat analysis platform. In the future, it plans to expand its solutions and services to include generative AI security, Internet of Things/Operational Technology (IoT/OT) security, and extend its business to the Middle East and North Africa (MENA) region.

To ensure smooth business operations, Rakeen plans to organically integrate and operate existing SITE and AhnLab personnel. AhnLab and SITE expect that Rakeen will create synergy for rapid initial market entry and market expansion by combining AhnLab’s global-level security technology capabilities with SITE’s expertise in the local security market and localization capabilities of security technology.

To ensure stable business operations in the Middle East region and establish a long-term cooperative relationship with AhnLab, SITE has completed the subscription of new AhnLab shares and participation in the board of directors. SITE Ventures, a 100% subsidiary of SITE, has completed a 10% equity participation in AhnLab, and SITE’s Chief Financial Officer (CFO), Hassan M. Alhussein, has been appointed as an outside director of AhnLab.

Kang Seok-gyun, CEO of AhnLab, said, "Based on accumulated cybersecurity technology and know-how, we will actively cooperate so that Rakeen can provide products and services optimized for Saudi Arabia and the Middle East and North Africa (MENA) region," adding, "We expect to achieve visible results quickly in Saudi Arabia and other global businesses."