ICTK to Acquire Network Security Firm "Withnetworks"

ICTK has initiated the acquisition of Withnetworks, a company specializing in network and cyber security.

According to ICTK on October 1, 2026, the company will acquire 715,080 shares of Withnetworks, securing a 56.75% stake and becoming the largest shareholder. The acquisition funds will be drawn from capital raised via a convertible bond (CB) issued in May of last year.

The core of this acquisition lies in a two-track growth strategy that combines the strengths of ICTK and Withnetworks. ICTK supplies security chips and IP, based on post-quantum cryptography (PQC) and physical unclonable function (PUF), to global big tech firms, as well as to manufacturers of robotics, drones, autonomous vehicles, and industrial IoT in the physical AI sector. For service providers such as telecommunications companies, public institutions, financial entities, and enterprises, ICTK will incorporate its security technology into Withnetworks' network equipment and solutions. Security technologies embedded in network solutions and customer field requirements will be reflected in the ongoing advancement of ICTK's security chips and IP, and real-world application cases will be utilized for business proposals to global clients.

The two companies plan to leverage their solid business foundation in Korea to expand into the global markets for telecommunications operators, enterprises, and manufacturers. Withnetworks will lead with AiriX and withVTM, both enhanced by ICTK's PQC and PUF security technologies. In the domestic market, they aim to establish reference customers among public, financial, and enterprise clients that must meet rising security requirements such as PQC migration and N2SF policies. Building on these domestic references, they plan to broaden their supply to domestic and overseas telecommunications companies. Their strategy is to propose an integrated security architecture that spans hardware-based authentication for access points to asset and vulnerability management, differentiating itself from existing wireless LAN and security solutions.

Jeongwon Lee, CEO of ICTK, stated, "As enhanced security has become a mandatory condition rather than a choice, ICTK is expanding its PQC and PUF security chip and IP business targeting physical AI manufacturers such as robotics, drones, and IoT companies, as well as global big tech firms. Withnetworks, meanwhile, will focus its business model on targeting both domestic and international telecommunications companies and the security market, centered around its fortified AiriX and withVTM platforms."

This content was produced with the assistance of AI translation services.