Norma, led by CEO Jung Hyeon-cheol, recently signed an MOU with Saudi Arabia's IT infrastructure company ITB and agreed to export solutions that are applied with Post Quantum Cryptography (PQC) technology.
The export product will be the IoT security solution "Q Care" series applied with PQC, and the size is estimated to be about $2 million (worth 2.5 billion won). Norma is an IoT security-specialized company based on quantum security technology
Founded in 2008, ITB (ITBELT) is one of the leading companies in IT consulting and information technology. It is headquartered in Riyadh, the capital of Saudi Arabia, and provides world-class solutions and services in areas such as IT/OT security, IT infrastructure, and IoT security.
This MOU is significant as Norma's first successful export to the Middle East. In particular, it is expected that there will be more opportunities for additional exports and business expansion in the future as Q care can be applied to the "Neom City Project" through ITB.
The Neom City project is one of Saudi Arabia's development plan, the "Saudi Vision 2030" plan, which is a state-of-the-art smart ecological city construction project that will build a future city more than 40 times the area of Seoul in the northwest desert.
Since last year, Norma has focused on developing PQC technology and launched Q Care, and is expanding its references to large domestic companies and global security companies. Norma plans to increase exports by collaborating with bilateral research companies in Southeast Asia, Europe, and the United States, including Singapore, based on exports to the Middle East.
"This MOU with ITB will allow us to apply our solution to Neom City. We will lead successful localization through close cooperation and expand exports throughout the Middle East and Europe," Norma CEO Jung Hyeon-cheol said.