Wisekey and SAT MoU to expand cyber security in Middle East
May 3, 2018
Wisekey has entered an MoU with Saudi Advanced Technologies (SAT) to expand cyber security and IoT offerings in the Middle East.
Swiss cyber-security and IoT firm Wisekey and SAT, a subsidiary of EA Juffali & Brothers, one of Saudi Arabia's largest companies, signed the memorandum of understanding for the marketing and distribution of Wisekey's products and services in Saudi Arabia.
Wisekey and SAT will join forces to implement a strategy for the development of the cyber security and IoT market in Saudi Arabia with the objective of expanding Wisekey's presence in the Middle East.
Wisekey's global expansion strategy has focused on the development of joint ventures with strategic partners on a national level. Through its partnership with SAT, Wisekey will be deploying its cyber-security services and IoT infrastructure in Saudi Arabia and other high growth economies in the Middle East. The technology market in Saudi Arabia and in the Middle East generally provides opportunities for Wisekey to expand its presence and offerings to local organisations.
The kingdom's IoT and M2M communications market is growing fast and it is estimated to reach $16bn in 2019 from nearly $5bn in 2014. Furthermore, Saudi Arabia encompasses 65 per cent of the cyber security and IoT market of the gulf region.
"The economic outlook for Saudi Arabia is very positive, and this MoU will enable Wisekey to address the growing demands of this modern market,” said Carlos Moreira, founder and CEO of Wisekey. “Through our partnership with SAT, we will be in an advantageous position to implement new state-of-the-art technologies and cyber-security services in the region and help accelerate the growth of this market."
Wisekey's strategy to enter regions via long-lasting relationships with a partner provides a stream of high profile clients that are in high demand for cyber security, such as digital identity and privacy, secure mobile communications, secure cloud computing, IoT, secure semiconductors, and blockchain.
The MoU with SAT will expand Wisekey's operations in Saudi Arabia, having as a goal the expansion into other Middle Eastern countries. Wisekey's alliance with SAT intends to use and explore synergies with companies in the region whose values and product portfolio align with its mission to provide technology and cyber-security services using a secure data centre in the region.
The MoU should lead to the development of a root of trust (RoT) and public key infrastructure (PKI) for Wisekey in the kingdom, including a globally trusted certification authority within a security strategy framework. PKI provides the necessary security – encrypted and digital signatures – for electronic transactions.
SAT’s Tawfiq Al-Zoubi said: "This MoU provides Wisekey and SAT a platform to join forces, integrate their respective technologies to offer a broad range of cyber-security services to local organisations, 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."