Saltware Receives Preliminary Listing Approval... Aiming for KOSDAQ Listing in the Second Half of the Year

[Asia Economy Reporter Park Hyungsoo] Cloud service provider Saltware is preparing for a KOSDAQ listing in the second half of the year through a merger with Mirae Asset Daewoo SPAC 3.

Saltware announced on the 22nd that it has passed the preliminary listing review approval by the Korea Exchange ahead of its SPAC merger listing.

Founded in 2003, Saltware focuses on cloud services and also operates hardware and software infrastructure construction and operation services, as well as enterprise portal solution businesses.

Amid the digital transformation trend led by the metaverse, companies and public institutions are accelerating their cloud transitions. Saltware, which has solidified its position with a strong market share, saw its sales increase from 21.5 billion KRW in 2019 to 40 billion KRW last year. Operating profit rose from 750 million KRW to 2.5 billion KRW during the same period.

Saltware's cloud service is a service platform that solves IT concerns for enterprises. Based on long-term partnerships with global cloud providers such as Amazon Web Services (AWS) and IBM, it builds customized cloud systems for each client and provides operation, maintenance, and management services.

Challenging the smart farm business as a future growth engine, Saltware recently succeeded in a pilot project in desert regions like the Middle East, where natural cultivation is difficult. Although it is before generating full-scale profits, the company discovered potential and confirmed continuous demand.

Lee Junggeun, CEO of Saltware, said, "We have the technology to prepare for full-scale entry into the smart farm market and to ride the wave of new technological revolutions such as the metaverse." He added, "We decided to go public to enhance external credibility, secure excellent talent, and prepare for explosive demand growth."

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