Malaysia’s state-owned private equity fund Ekuinas has made a strategic investment in Bluesify Solutions, a domestic cybersecurity firm.
Transaction and financial details of the investment were not disclosed in the announcement. The investment was carried out through Ekuinas’s Dana Asas I fund.
Bluesify, established in 2012 by Izman Ibrahim and Faroze Mohd Salleh, provides cybersecurity services, including 24-hour managed detection and response, threat intelligence and hunting, incident response, and cyber resilience consulting.
Its clientele spans financial institutions, energy, healthcare, government, and statutory bodies.
“Our investment in Bluesify is a crucial step towards fortifying Malaysia’s cybersecurity landscape and ensuring businesses have the protection they need against escalating digital threats,” said Ekuinas CEO Datuk Syed Yasir Arafat Syed Abd Kadir.
Izman Ibrahim, Managing Director of Bluesify, described the investment as a “transformative milestone,” noting that it would enable the company to scale its offerings and extend its reach across Southeast Asia.
The regional cybersecurity market is projected to grow at a compound annual rate of 9.5%, reaching approximately $7.1 billion by 2029, per the announcement.
The investment coincides with the implementation of Malaysia’s Cyber Security Act 2024, which requires licensing for cybersecurity providers and imposes stringent compliance requirements on entities managing National Critical Information Infrastructure (NCII).
Ekuinas, a government-linked private equity firm, focuses on sectors such as education, consumer goods, healthcare, and manufacturing, with 73 investments made to date.
Ekuinas launched its 100-million-ringgit Dana Asas fund in 2023 to write smaller cheques (10-30 million ringgit) than its main private equity funds. Dana Asas is about 60% deployed, and Ekuinas could launch its second vehicle of the series next year.
Meanwhile, its 2019-vintage fourth main fund is about 40% deployed. The fund was launched with 1 billion ringgit in capital, with an option to increase by 50%.
