Socar Acquires Modu Parking Lot... "Part of Super App Strategy"

Jaeuk Park, CEO of Socar

[Asia Economy Reporter Buaeri] Socar announced on the 10th that it will acquire Modu Company, which operates the online parking platform 'Modu-ui Juchajang'.

The acquisition will be conducted by Socar issuing new shares and exchanging stocks with Modu Company, with Socar acquiring 100% of Modu Company's shares.

Socar stated that this acquisition is part of its strategy to realize 'streaming mobility.' It explained that parking-related services such as mobile parking reservations and utilization of parking information will be provided through the Socar app, allowing 7 million Socar users to conveniently use the services.

Socar plans to actively create synergy with Modu-ui Juchajang in service areas such as the one-way on-demand service within 30 minutes in the metropolitan area, scheduled to launch next year, and electric vehicle charging services.

Additionally, Socar plans to enhance mobility convenience for subscription service users by adding parking-related benefits to the integrated mobility membership 'Passport.'

Modu-ui Juchajang currently provides information on 60,000 parking lots nationwide, 18,000 shared parking spaces, and 1,800 affiliated parking lots. It has signed business agreements for parking sharing projects with 23 districts in Seoul, 8 districts in Busan, and 4 cities in Gyeonggi Province, as well as data-sharing partnerships for real-time parking lot data with 15 public institutions including Korea Airports Corporation.

Modu Company plans to maintain an independent management system under CEO Kim Donghyun even after the acquisition is completed. The existing business will continue, and it will develop business in a more expanded form together with Socar.

Kim Donghyun, CEO of Modu Company, said, "Over the past nine years, we have worked to solve parking problems in our society through parking sharing based on long-standing trust with stakeholders in the parking industry. We decided to join forces with Socar with the conviction that we can create greater change and innovation across the entire mobility industry beyond just the parking industry."

Park Jaewook, CEO of Socar, said, "As Socar evolves into a super app, we will continue to collaborate with more companies to provide streaming mobility services that anyone can easily and conveniently use."

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