WISeKey enters into MoU with Saudi Advanced Technologies Ltd (member of E.A. Juffali & Brothers) to expand cybersecurity and IoT offerings in the Middle East
ZUG, Switzerland & GENEVA & Saudi Arabia – WISeKey International Holding (“WISeKey“, SIX: WIHN), a leading cybersecurity and IoT company, and Saudi Advanced Technologies Ltd (SAT), a member of E.A Juffali & Brothers, one of Saudi Arabia’s largest companies, announced the signing of a Memorandum of Understanding (MoU) for the marketing and distribution of WISeKey’s products and services in the Kingdom of Saudi Arabia. As per the MoU, WISeKey and SAT will join forces to implement a strategy for the development of cybersecurity and IoT market in Saudi Arabia – with the objective of expanding WISeKey’s presence in the Middle East.
WISeKey’s global expansion strategy has been focused on the development of joint ventures with strategic partners on a national level. Through its strategic partnership with SAT, WISeKey will be deploying its cybersecurity services and Internet of Things (IoT) infrastructure in the Kingdom of Saudi Arabia and in other high growth economies in the Middle East. The technology market in the Kingdom of Saudi Arabia and in the region of Middle East, provides substantial opportunities for WISeKey to expand its presence and offerings to local organizations. The Kingdom’s IoT and M2M Communication market is growing fast and it is estimated to reach $16.01 billion in 2019 (from $4.88 billion in 2014). Furthermore, the Kingdom of Saudi Arabia currently encompasses 65% of the cybersecurity and IoT market of the gulf region.
WISeKey’s strategy to enter new regions via long-lasting relationships with a strategic partner, provides a stream of high profile clients that are in high demand for cybersecurity solutions, such as; digital identity and privacy, secure mobile communication, secure cloud computing, IoT, secure semi-conductors, BlockChain and other innovative technologies offered by WISeKey.
The MoU with SAT will expand WISeKey’s current operations in the Kingdom of Saudi Arabia, having as a goal the expansion into other Middle Eastern countries. WISeKey’s alliance with SAT, its new partner, intends to use and explore additional synergies with leading companies in the region whose values and product portfolio align well with its mission to provide state-of-the-art technology and cybersecurity services, using a highly secure data center located in the region.
WISeKey’s MoU with SAT will lead to the development of a Root of Trust (RoT) and a Public Key Infrastructure (PKI) for WISeKey in the Kingdom of Saudi Arabia, including a globally trusted Certification Authority within a security strategy framework. PKI provides the necessary security (encrypted and digital signatures) for electronic transactions.
Carlos Moreira, Founder and CEO of WISeKey noted: “The economic outlook for Saudi Arabia is very positive, and this MoU will enable WISeKey to address the growing demands of this modern market. Through our partnership with SAT, we will be in an advantageous position to implement new state-of-the-art technologies and cybersecurity services in the region and help accelerate the growth of this market.”
Tawfiq Al-Zoubi, from Saudi Advanced Technologies (SAT) said, “This MoU provides WISeKey and SAT a platform to join forces, integrate their respective technologies to offer a broad range of cybersecurity services to local organizations, gain significant market share, keep up with the rapid growth pace of the market in Saudi Arabia, and substantially increase the potential of business opportunities in the whole region.”
About Saudi Advanced Technologies Ltd (member Juffali Group)
SAT is a leading technology company of the Juffali Group. SAT provides world class cybersecurity and datacenter group solutions, combining value-added technologies with predictive market intelligence to boost business growth in a shifting landscape. SAT forges solid, long-term relationships with the world’s leading tech vendors, and empowers their reseller customers by carving them a strong position in a competitive market, driving their partners towards a prosperous and profitable future. For more information, visit www.satcorp.com.sa.
SAT shares a rich heritage in the Kingdom with E. A Juffali & Brothers. Juffali group was responsible for developing the first power generation (electricity), and telecommunication in Saudi Arabia. Later on, the Juffali introduced many other fields to Saudi Arabia such as power utilities, construction, insurance, air-conditioning, refrigerators manufacturing and distribution, and vehicle manufacturing and distribution.
WISeKey (SIX Swiss Exchange: WIHN) is a leading global cybersecurity company currently deploying via a Virtual Platform large scale digital identity ecosystems. WISeKey’s Swiss based cryptographic Root of Trust (“RoT”) and IoT Microchips provide secure authentication and identification, in both physical and virtual environments, for the Internet of Things, Blockchain and Artificial Intelligence. The WISeKey RoT serves as a common trust anchor to ensure the integrity of online transactions among objects and between objects and people. For more information, visit www.wisekey.com.
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Press and investor contacts:
| WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
| WISeKey Investor Relations (US)
Contact: Lena Cati
The Equity Group Inc.
Tel: +1 212 836-9611
Saudi Advanced Technologies Ltd.
Company Contact: Tawfiq AL-Zoubi
Tel +966 12 667 2222
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey. (foleyengines.com)