Bitmax to Absorb Subsidiary IL4U... "Synergy Expected in New Business"

Bitmax, a company specializing in virtual asset investment, announced on May 14 that it will merge its subsidiary IL4U through absorption.

This merger will proceed as an absorption-type merger in which Bitmax, which owns 100% of IL4U's shares, will absorb IL4U at a 1:0 ratio without issuing new shares. IL4U is a company engaged in building and operating information systems in the manufacturing (MES), development (PLM), and management (MIS) sectors, and recorded sales of 27.4 billion KRW last year.

IL4U has been selected as a top partner by Samsung SDS and has earned recognition for its technological capabilities through long-term collaborations with leading domestic and international companies such as Samsung Electronics, SK C&C, and Siemens. Leveraging approximately 15 years of experience in various projects, the company has a robust technical workforce of more than 4,500 professionals. In January last year, Bitmax acquired 100% of IL4U's shares, making it a wholly owned subsidiary.

Through this merger, Bitmax plans to actively pursue entry into new businesses by combining its newly launched virtual asset investment business with IL4U's IT system integration capabilities. In addition, the company expects to secure more clients and increase sales by leveraging IL4U's network with large domestic and global corporations.

A company representative stated, "This year, IL4U's expected sales are about 35 billion KRW, with an operating profit of around 1 billion KRW. We believe the merger will enhance management efficiency," adding, "Going forward, the combination of Bitmax's financial strength and IL4U's technological capabilities will drive sustainable growth through more aggressive sales strategies and expansion into new businesses."

Meanwhile, Bitmax has adopted a business model that involves acquiring virtual assets such as Bitcoin and positioning them as core assets in its financial strategy, aiming to become the 'Korean version of MicroStrategy.' As of May 14, Bitmax ranks second among listed companies in Korea in terms of Bitcoin holdings, with 137 Bitcoins.

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