Hyundai Motor Group Consolidates SW Capabilities... AutoEver Merges with MNSoft and Otron

[Asia Economy Reporter Su-yeon Woo] Hyundai Motor Group is merging three affiliates?Hyundai AutoEver, Hyundai MnSoft, and Hyundai Autron?to strengthen the group’s software development capabilities. Hyundai AutoEver will absorb Hyundai MnSoft and Hyundai Autron, aiming to become a specialized mobility software company.

On the 11th, Hyundai AutoEver, Hyundai MnSoft, and Hyundai Autron each held board meetings and resolved the merger agenda. The three companies plan to complete the merger by April 1 next year, following approval at an extraordinary general meeting scheduled for February 25 next year.

The merger ratio was set at 1 to 0.96 to 0.12 for Hyundai AutoEver, Hyundai MnSoft, and Hyundai Autron, respectively. Hyundai AutoEver, a listed company, calculated the merger value based on market valuation, while the unlisted Hyundai MnSoft and Hyundai Autron determined their merger values through evaluations by external accounting firms based on intrinsic value according to relevant laws.

According to the merger ratio, Hyundai AutoEver will issue new shares and exchange 0.96 shares of Hyundai AutoEver for each share of Hyundai MnSoft and 0.12 shares of Hyundai AutoEver for each share of Hyundai Autron. The merger of the three companies is intended to integrate the dispersed software capabilities within Hyundai Motor Group, actively respond to the rapidly changing mobility environment and market competition, and leap forward as a global mobility software specialized company.

Hyundai Motor Group has accumulated vehicle software development know-how and core mobility technologies centered on its software-specialized affiliates Hyundai AutoEver, Hyundai MnSoft, and Hyundai Autron. AutoEver has been responsible for building IT systems and data centers and providing IT services based on new technologies, MnSoft has developed navigation software and provided connectivity services, and Autron possesses core technologies for vehicle embedded software platforms.

The newly established merged company next year is expected to maximize development efficiency through the integration of software development systems and unification of development entities, enhancing the quality and completeness of next-generation vehicle software. The merged company will be responsible for various software development projects, including ▲establishing vehicle software standards ▲integrating cloud-based service infrastructure ▲integrated operation of mobility data ▲building a software open innovation foundation.

Additionally, the merged company plans to actively recruit talent to strengthen software research and development (R&D) capabilities. Although the merger will secure about 4,000 software personnel, there are plans to consider further recruitment of outstanding external talent. Furthermore, benchmarking leading software companies located in Silicon Valley, the company will strive to build a horizontal and open organizational culture.

A Hyundai AutoEver official said, "Uniting the capabilities of the three software companies is a step toward becoming a mobility software platform company," adding, "We will take the establishment of the merged company as a new starting point to secure future software leadership and lead innovation centered on digital transformation."

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