Hancom Establishes Subsidiary 'AI Web Data' to Target Overseas Markets

Physical Spin-off of Existing Web Office Business Division

Hangeul and Computer Co., Ltd. held a board meeting on the 17th and announced that it will spin off its existing web office business division and establish a provisional company called 'Hancom AI Web Editor.'

This spin-off is a simple physical division in which Hancom will own 100% of the shares of the newly established corporation. After approval at the extraordinary general meeting of shareholders to be held on August 25, the establishment will be completed on October 1.

Hancom has references supplied to Amazon Web Services (AWS) and the Russian portal company Mail.ru. Based on verified technology and experience, it plans to advance and diversify AI-based web editor products tailored to global market needs.

Hancom will reallocate personnel and resources, which have focused on the domestic market and on-premise products, to the new subsidiary to concentrate on overseas markets and cloud-based services. To this end, more than 80% of the new subsidiary’s personnel will be composed of web editor development experts. By linking generative AI, it aims to provide optimal documents through cognitive search from various data owned by users, launching a competitive AI web editor business suited to the global cloud environment. Additionally, it plans to actively attract external investment to secure aggressive mid- to long-term growth funds.

Meanwhile, in addition to the physical spin-off, Hancom will also temporarily retire treasury shares to enhance corporate and shareholder value. The treasury shares scheduled for retirement amount to 1,429,490 shares, which is 5.6% of the total issued shares, valued at approximately 20 billion KRW.

Kim Doo-young, the prospective co-CEO of the new corporation, stated, "The new corporation will prioritize overseas markets and actively seek global expansion of the AI web editor business to rapidly realize business growth." Kim Yeon-su, CEO of Hancom, said, "We will continue to restructure our business portfolio, focus on corporate growth, and implement proactive shareholder-friendly policies such as treasury stock repurchases and retirements."

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