This image provided by Zigbang Co. shows its announcement on the acquisition of Samsung SDS Co’s home internet of things (IoT) division.
SEOUL, July 29 (Korea Bizwire) — South Korea’s app-based home-finding platform Zigbang Co. has completed its acquisition of Samsung SDS Co’s home internet of things (IoT) division.
The company announced on Thursday that it took over home IoT business-related intellectual property rights and business rights for major sales, production and contracts from the Korean and Chinese units of Samsung SDS.
In January, the company signed a business transfer contract for home IoT products and services with Samsung SDS, an IT solutions unit of Samsung Group.
At present, the company’s home IoT business tops the nation’s smart home market, covering smart door locks and wall pads, with exports to 16 countries including China.
“On the back of online channel operational know-how and digital marketing capabilities, we aim to expose our brand in the business-to-consumer (B2C) market, achieve stable growth in China and expand worldwide,” Zigbang said.
To this end, Zigbang plans to establish a smart home business department as well as to set up a new space for product R&D.
Kevin Lee (kevinlee@koreabizwire.com)
