IMPACT46, a leader in investment management and securities arrangement, has announced a strategic investment of 50 million SAR in Cipher, a leading cybersecurity company. This announcement was made during Black Hat 2024, held at the Riyadh Exhibition and Convention Center in Malham, north of Riyadh, from November 26 to 28, 2024. The event is organized by the Saudi Federation for Cybersecurity, Programming, and Drones, in collaboration with Informa Global and the Event Investment Fund.
In a statement, Mr. Abdulaziz bin Abdulrahman Al-Omran, co-founder and CEO of IMPACT46, explained that the investment in Cipher follows a thorough market study. The growing needs in the cybersecurity industry were a key factor in the decision. He highlighted that Cipher’s leadership, rapid growth, and continuous development were major reasons for selecting them as a strategic investment partner.
Al-Omran emphasized that the cybersecurity industry in Saudi Arabia is developing rapidly. He noted that the industry has become a key driver of the national economy. The cybersecurity industry in Saudi Arabia reached approximately 13.3 billion SAR in 2023 and contributed nearly 15.6 billion SAR to the GDP.
He added that investing in the industry strengthens the nation’s cybersecurity and supports digital transformation efforts in line with Vision 2030. The investment also contributes to creating a secure and advanced digital infrastructure that supports sustainable economic development and enhances the Kingdom’s position in the global digital landscape.
Mr. Thamer Al-Dhafiri, CEO of Cipher, confirmed that the partnership with IMPACT46 marks a strategic turning point for the company. He stated that the investment will enable Cipher to expand its operations and develop innovative solutions to meet both local and international market needs. This will allow Cipher to maintain its leadership in the cybersecurity industry. He expressed pride in Cipher’s role as a strategic partner for Black Hat 2024, which brings together top industry professionals, advanced technologies, solution providers, and decision-makers from around the world.
Cipher has established a leading position in the cybersecurity industry, offering advanced technical solutions that include penetration testing, risk management, compliance, incident response, and 24/7 monitoring.
Cipher was also awarded the Best Cybersecurity Company of 2023 in the Global Excellence Awards. This recognition reflects Cipher’s commitment to innovation and leadership in providing comprehensive cybersecurity services that meet market needs. It has become a key partner in enabling digital transformation and enhancing cybersecurity for government, private, and non-profit sectors, aligning with Vision 2030. This also underscores Cipher’s role in providing secure and advanced digital infrastructure, contributing to sustainable economic development.
This investment is part of a strategic partnership between IMPACT46 and Cipher, aiming to drive digital transformation in Saudi Arabia and foster innovation in the cybersecurity industry. The partnership represents a model for integrating IMPACT46’s investment expertise with Cipher’s leading technical capabilities. This collaboration enhances the Kingdom’s position as a global center for digital transformation and cybersecurity.
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