LS Electric Acquires LS ITC... Accelerating Digital Transformation in Power and Automation

[Image source=Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] LS Electric, an energy solutions affiliate of LS Group, is accelerating digital transformation (DT) in its core power and automation businesses by acquiring LS ITC.

On the 9th, LS Electric announced plans to acquire all shares of LS ITC, which was spun off from LS Global this year, for approximately 21.9 billion KRW, thereby incorporating it into the group.

LS ITC is an IT specialized company with core competencies in platform services such as ASP (Application Service Provider), cloud services, and IT system infrastructure; SI for management innovation and business efficiency enhancement; and industrial-IT convergence services required for big data, IoT, and smart factories. Last year, it recorded sales of 57.5 billion KRW.

LS Electric stated, "We decided to pursue this acquisition based on the judgment that IT capabilities are essential to accelerate DT suitable for the Fourth Industrial Revolution era in both our core power and automation businesses," adding, "By combining operational technology (OT) and IT, hardware, and software, we expect to strengthen competitiveness in the power and automation businesses while expanding our digital products and business portfolio."

An LS Electric official said, "Although IT capabilities are essential for the spread of DT in power and automation businesses and the cultivation of the smart factory business, it was true that there were limitations in driving business evolution with internal capabilities alone," and added, "We will be able to upgrade the value of products and services one step further, including digitalization of existing solutions as well as consulting, O&M, and engineering services."

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