TTA’s Subsidiary V Ventures Acquires a 10% Stake in Cloudsec Asia To Benefit from Mega Trend in Cybersecurity Services
The Thailand Development Research Institute (TDRI) has identified cybersecurity services as one of the mega trends that will create huge social and digital disruption across industries. According to the TDRI, such mega trend will gain traction post-pandemic and affect businesses and investments in many industries with Thailand expected to be a major consumer of cybersecurity services.
Thoresen Thai Agencies Public Company Limited (TTA), a leading strategic investment company, has expanded its investment portfolio into the cybersecurity technology business. V Ventures Technologies Company Limited (VVT), a majority owned subsidiary of TTA, has recently entered into an agreement to acquire a 10% stake in Cloudsec Asia Company Limited (Cloudsec Asia), a provider of cybersecurity services.
The Thailand Development Research Institute (TDRI) has identified cybersecurity services as one of the mega trends that will create huge social and digital disruption across industries. According to the TDRI, such mega trend will gain traction post-pandemic and affect businesses and investments in many industries with Thailand expected to be a major consumer of cybersecurity services.
According to Stastica, the global cybersecurity market size is forecasted to be US$239 billion in 2022 and expected to continually grow to US$345 billion over the next few years. Thai domestic investment will be a driving force for development of infrastructure for cyber security in Thailand which will support the growth of the country's digital assets and block chain technology.
Cloudsec Asia is a leading comprehensive cybersecurity service provider determined to make cybersecurity become a fundamental utility for organizations and people. Cloudsec Asia provides comprehensive cybersecurity services, including Public Cloud or Private Cloud, and offers a one-stop-shop solution through delivery of three core areas of service offerings: Cloud Security Solutions, Manage Detection and Response and Cyber Security Services.
Mr. Chalermchai Mahagitsiri, Chief Executive Officer of V Ventures Technologies Company Limited said, “We are confident that cybersecurity must be the top priority for new spending for organizations in order to have adequate data breach insurance, particularly cloud security data breaches, due to an increasing use of non-PC devices connected to the internal business system and saving all of work and documents to the cloud. Therefore, information rights management (IRM) which is a technology for protecting sensitive or critical information will be in the strong demand. Factors driving this demand include the emergence of new digital products and services, related health and safety applications and risks from third parties data breaches such as customer data breaches or supply chain attacks, etc.
“The main purpose to invest in Cloudsec Asia is to expand the potential for TTA’s business operation in the segment of cybersecurity. We expected that the investment has potential to generate good returns. Moreover, we believe that with high technology capabilities and integrated cybersecurity solutions, Cloudsec Asia can meet requirements of customers in all industries from financial business, banking, insurance business, real estate business to the retail business and small and medium enterprises (SMEs) in Thailand and ASEAN.”
Mr. Krishnayos Puranasamriddhi, the Chief Executive Officer of Cloudsec Asia, said: "Cloudsec Asia is a company that combines all three aspects of cybersecurity dimensions created as a different service which is more synergistic and inclusive from end-to-end than just one of the functions on a standalone basis. We can adjust our services according to customers' requirements. Whether it is just detection or protection, it can be made to order with high expertise and technology. We can design a wide range of services to suit public and private sectors of all sizes, from small SMEs to public companies. Cloudsec Asia is also planning to expand its cybersecurity business to CLMV countries as cybersecurity services become increasingly important as the digital world becomes closer and more connected to people than ever before.
“Cloudsec Asia today has achieved a market valuation of close to THB 1 billion and we are in the process of executing additional strategic initiatives expected to grow Cloudsec Asia’s market valuation to become in excess of THB 5 billion by 2023."
