Malaysia-based energy storage and digital transformation enabler Techna-X Bhd (Techna-X) and information technology (IT) firm Netsec Sdn Bhd (Netsec) have on Wednesday announced the formation of a joint venture that aims to improve the cybersecurity landscape in Malaysia and beyond.

This strategic partnership will see Techna-X acquiring a 51 percent stake in Netsec, combining their expertise in digital ecosystems and energy storage with Netsec’s expertise in cybersecurity solutions, Techna-X said in a statement.

According to the 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 driven by increasing digitalization, a surge in cyber threats, and a growing awareness of cybersecurity’s importance across various sectors.

The region’s diverse and expanding digital ecosystem, coupled with its unique challenges, offers immense opportunities for innovation and development in cybersecurity solutions.

The joint venture is strategically positioned to capitalize on this growth, set new standards in cybersecurity and artificial intelligence (AI) integration, advance cybersecurity technology solutions developed in Malaysia and strengthen Malaysia’s position as a leader in this critical field.

“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.

According to him, 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 added.

Meanwhile, Netsec Managing Director Azman M. Azizi said that with Netsec’s unique expertise and innovative products, this joint venture with Techna-X presents a strategic opportunity to capitalize on the burgeoning cybersecurity market.

“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.

According to the statement, this joint venture underscores the critical importance of addressing challenges such as cyber safety, data privacy, threat intelligence, and skill gaps in the cybersecurity sector.

Its long-term objectives include nurturing a skilled workforce and further developing AI-based cybersecurity solutions.

TECHNA-X is a technology player listed in Malaysia and has acquired new business streams in the provision of intelligent digital ecosystem and energy storage solutions leveraging on its core technologies in mobile data, Internet of Things (IoT), digital infrastructure, deep analytics, business intelligence, super batteries and ultra-capacitor technology.

Driven by its strong business network, the company has worked with multinational conglomerates across various industries including electric vehicle (EV) manufacturers, palm oil plantations, transportation and mobility providers, electronic appliances manufacturers, property developers, food and beverage (F&B) brands, retailers and eCommerce providers.

NETSEC is a IT company specializing in cyber security offensive software and services, AI platforms, investigative big data, new technology, and bobile and online security apps development.

With a highly experienced management team boasting 20 years of expertise in the market field, NETSEC is dedicated to providing innovative and reliable solutions to protect businesses and individuals from the ever-evolving landscape of cyber threats.

NETSEC takes pride in its strong technical support from established multinational and international technology providers including partnerships with industry-leading organizations such as CY4 Gate (Italy), RCS (Italy), Cysecure (Singapore), Trend Micro (Japan), NEC (Japan), and many more.

These collaborations allow the company to leverage cutting-edge technologies and global expertise to deliver world-class cybersecurity solutions.

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