On Wednesday, IT company Netsec Sdn Bhd (Netsec) and Malaysia-based energy storage and digital transformation enabler Techna-X Bhd (Techna-X) announced the creation of a joint venture with the goal of enhancing cybersecurity both domestically and internationally.
Techna-X said in a statement that as part of this strategic partnership, it will purchase a 51 percent stake in Netsec, combining its knowledge of energy storage and digital ecosystems with Netsec’s knowledge of cybersecurity solutions.
The cybersecurity market in Southeast Asia, according to the statement, is a dynamic and quickly changing one, with an estimated value of US $4.49 billion by 2024.
Increased digitalization, a rise in cyberthreats, and a broader understanding of the value of cybersecurity across industries are the main drivers of this growth.
Due to its distinct challenges and diverse and growing digital ecosystem, the region presents enormous opportunities for cybersecurity solution innovation and development.
The joint venture is ideally situated to take advantage of this expansion, establish new benchmarks for cybersecurity and artificial intelligence (AI) integration, progress Malaysian-developed cybersecurity technology solutions, and solidify Malaysia’s leadership in this important area.
“As Techna-X nears the completion of our multifaceted corporate exercise, which will see Techna-X being recapitalized and strengthened, we are well-positioned to embark on this joint venture with Netsec, a distinguished leader in the cybersecurity industry,” said Naquiyuddin ibni Tuanku Ja’afar, Executive Chairman of Techna-X.
He claims that this collaboration is not only appropriate, but also a calculated move that combines our experience in digital technologies with that of seasoned cybersecurity experts.
“We are confident that this collaboration will mark a new era of innovation and leadership in technology, further empowering Malaysia and the region in the cybersecurity digital domain,” he added.
In the meantime, Netsec Managing Director Azman M. Azizi stated that this joint venture with Techna-X offers a strategic opportunity to capitalize on the growing cybersecurity market because of Netsec’s distinctive expertise and cutting-edge products.
“Our collaboration with Techna-X is a pivotal step in reaching a wider market and leveraging their digital expertise and market presence,
“This joint venture is more than a partnership; it’s a fusion of strengths that positions us to make a substantial impact in the dynamic world of cybersecurity,” he added.
Based on its core technologies in mobile data, Internet of Things (IoT), digital infrastructure, deep analytics, business intelligence, super batteries, and ultra-capacitor technology, TECHNA-X, a technology player listed in Malaysia, has added new business streams in the provision of intelligent digital ecosystem and energy storage solutions.
