B2B SW Company iQuest Reports 9.4 Billion KRW in Q1 Sales, 142% Growth Year-on-Year

IQuest, a leading B2B (business-to-business) software company (CEO Kim Sun-mo), announced on the 15th that its consolidated sales for the first quarter reached 9.4 billion KRW, a 142% increase compared to the same period last year.

For the first quarter on a consolidated basis, sales amounted to 9.4 billion KRW, operating profit was 390 million KRW, and net profit was 760 million KRW. Compared to the same period last year, sales increased by 142%, while operating profit decreased by 70% and net profit decreased by 48%.

Despite limited growth in the IT industry due to the economic slowdown in the first quarter, IQuest expects to achieve its highest-ever performance this year by continuing nearly 10 billion KRW in sales growth through synergy effects with Defocus, which was acquired last year.

The operating profit of 390 million KRW includes IQuest’s profit of 670 million KRW, a loss of 160 million KRW from its subsidiary Defocus, and 120 million KRW in depreciation from consolidation. Regarding the first quarter operating profit results, the company stated, “IQuest’s operating profit decreased by 48% compared to the previous year due to increased personnel for new product development and strengthened marketing and sales investments, while Defocus incurred losses due to a temporary decrease in orders caused by seasonal factors in IT consulting.”

IQuest plans to continue quantitative and qualitative growth through aggressive market penetration and active marketing activities. The strategy includes boosting sales through industry-specific advancement and marketing reinforcement led by the cloud ERP for small and medium-sized enterprises (SMEs), <얼마에요> (Eolmaeyo), increasing sales of the SI ERP for small and medium-sized enterprises and mid-sized companies, , through synergy with subsidiary Defocus, and making a full-scale entry into new markets targeting small business owners with <얼마장부> (Eolma Jangbu).

Additionally, IQuest aims to proactively respond to technological and market changes through investments in new technologies such as the fintech open banking service 'EolmaPay', the blockchain-based electronic contract service 'EolmaSign', and the cloud digital transformation business ‘Defocus’, thereby establishing a framework for sustainable growth.

Kim Sun-mo, CEO of IQuest, said, “We were able to achieve our highest-ever performance through the growth of our core products in the first quarter and synergy creation with our subsidiary. We expect visible results in the second half of the year through bold investment expansion, synergy effects of existing products, and increased orders by expanding business into various industries.”

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