ITCEN Acquires Ssangyong Information & Communications Management Rights for 27.4 Billion KRW
[Asia Economy Reporter Eunmo Koo] ITCEN announced on the 19th that it will acquire a 40% stake in Ssangyong Information & Communications for 27.4 billion KRW. Ssangyong Information & Communications, established in 1981, is Korea's first information technology (IT) service company. It has strengths in the defense, sports, and network integration sectors. Last year, it recorded consolidated sales of 108.25989 billion KRW.
In addition to this acquisition of Ssangyong Information & Communications, ITCEN expanded its business areas to include not only the public sector but also finance, services, manufacturing, and distribution by acquiring Korea Gold Exchange and Comtec Systems in the second half of 2018. Kang Jin-mo, chairman of the ITCEN Group, explained, "Ssangyong Information & Communications possesses verified global sports IT solutions and operational capabilities demonstrated through the construction and operation of information systems for various events such as the Kazakhstan Winter Asian Games and the Pyeongchang Winter Olympics. It is also a company recognized for its unique expertise, technology, and execution capabilities in defense projects."
He added, "At the end of last year, through the strategic sale of Softcen, we opened the path for global expansion via investors from the Greater China region. By successfully acquiring Ssangyong Information & Communications, we have gained overseas brand power, verified global solutions, and excellent technical personnel."
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ITCEN is focusing on the overseas IT service market. Chairman Kang said, "By utilizing the unique technologies and solutions of each ITCEN Group affiliate, we have accelerated our entry into overseas IT service markets such as the Beijing Winter Olympics. With this acquisition, we have completed vertical integration of the IT service value chain from solutions to integrated services, as well as horizontal integration of the IT service market encompassing public, finance, defense, manufacturing, service, and distribution sectors."
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