Malaysia based Techna-X to acquire 51% stake in IT firm Netsec – ETCIO SEA


Malaysia-based energy storage and digital transformation enabler Techna-X Bhd (Techna-X) and IT firm Netsec Sdn Bhd (Netsec) have announced the formation of a joint venture that will aim to bolster the cybersecurity landscape in Malaysia and beyond.

As part of this strategic partnership, Techna-X will acquire a 51 percent stake in Netsec, thus combining their expertise in digital ecosystems and energy storage with Netsec’s expertise in cybersecurity solutions, said a company statement.

The cybersecurity landscape in Southeast Asia presents a dynamic and rapidly evolving market, with an estimated value projected to reach US$4.49 billion by 2024.

This growth is bolstered by increasing digitalisation, a surge in cyber threats, and a growing awareness of cybersecurity’s importance across various sectors.

The JV will aim to leverage this growth and further advance cybersecurity technology solutions developed in Malaysia by developing AI-based cybersecurity solutions.

  • Published On Jan 18, 2024 at 08:28 AM IST

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This article was originally published by a ciosea.economictimes.indiatimes.com . Read the Original article here. .