ICTK is pursuing acquisition of network security company WithNetworks

ICTK is pursuing the acquisition of network and cybersecurity company WithNetworks. This strategy aims to diversify its existing business structure focused on security chips and expand into the enhanced security network solutions market.

ICTK will acquire 715,080 shares of WithNetworks, securing a 56.75% stake and becoming the largest shareholder. The acquisition funds will be sourced from convertible bonds issued last year. WithNetworks has been providing wired and wireless network infrastructure as well as information security services for telecommunications, public institutions, and financial companies, recording an average annual revenue exceeding 30 billion KRW in the past three years.

Following the acquisition, the two companies plan to implement a two-track growth strategy. ICTK will supply security chips and intellectual property in the form of PQC and PUF technologies to global tech giants and physical AI manufacturers like robotics and drones. WithNetworks will integrate security technologies into network equipment and solutions targeting service providers.

ICTK's integration with WithNetworks' wireless LAN solution AiriX and asset vulnerability management platform withVTM will enhance hardware-level reliability and address quantum computer threats. There is an increasing demand for PQC adoption in the public and financial markets, as outlined by the national intelligence agency's plans. They intend to secure references in the domestic market before expanding their supply range to global telecommunications and enterprise markets.