Techna-X to acquire 51% stake in IT firm Netsec

KUALA LUMPUR: Techna-X Bhd is acquiring a 51 per cent stake in information technology (IT) firm Netsec Sdn Bhd in a bid to capture growth in Southeast Asia’s cybersecurity space.

The exercise will see both entities combining their expertise in digital ecosystems and energy storage with Netsec’s in cybersecurity solutions, Techna-X said in a statement today.

It said the cybersecurity landscape in Southeast Asia presents a dynamic and rapidly evolving market, with an estimated value projected to reach US$4.49 billion (RM1=US$4.714) by 2024, driven by increasing digitalisation, a surge in cyber threats, and a growing awareness of cybersecurity’s importance across various sectors.

Executive chairman Tunku Naquiyuddin ibni Tuanku Ja’afar said Techna-X is well-positioned to embark on this joint venture with Netsec, a distinguished leader in the cybersecurity industry.

"This partnership is not just timely but a strategic alignment of our digital expertise with seasoned cybersecurity professionals.

"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 said.

Netsec managing director Azman M. Azizi said the 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 is a fusion of strengths that positions us to make a substantial impact in the dynamic world of cybersecurity,” he noted. - Bernama