[Click e-Stock] "S2W, the Emergence of the K-Palantir"

On December 3, Kiwoom Securities analyzed that S2W, often referred to as the "K-Palantir," is rapidly growing in the security data intelligence market.

S2W has developed a dark web ontology-based solution and began collaborating with Interpol. The company has also been selected as a partner for the Gateway Initiative, a public-private cooperation program, thereby establishing strong global references. Based on this, S2W is expanding its supply not only to intelligence agencies in various countries but also to private companies.

Kim Hakjun, an analyst at Kiwoom Securities, explained, "S2W provides real-time analysis solutions for the dark web based on multi-domain cross-analysis technology," adding, "The company offers solutions that search for hidden criminal programs and sites, cross-analyze criminal activities, and verify them in real time." Building on its initial collaboration with Interpol, S2W has continued to secure contracts in Indonesia, Singapore, Japan, and Saudi Arabia, and is recognized for its strengths in identifying criminal organizations and supporting investigations.

The company has expanded its revenue base by introducing "Quasar," a B2B security solution that extends its B2G-based solution "Jarvis" into the private sector. Kim noted, "As hacking and malware attacks surge, corporate demand for security is expanding into key industries such as finance, defense, and IT. Integration between Microsoft Security Copilot and S2W's products is also underway, which is expected to contribute to future scalability."

Additionally, S2W is accelerating business diversification by launching "SAIP," an industry-specialized AI solution. Kim emphasized, "This solution extends cross-verification analysis technology, previously used in security, into data that supports industrial and corporate decision-making, following a similar direction as Palantir Foundry. As the proof of concept is currently underway, a significant value upgrade is expected once references are secured."

The growth rate is also steep. Kim projected, "In 2026, consolidated revenue will reach 19 billion won (up 63.4% year-on-year), and operating profit will turn positive at 1.3 billion won," adding, "With SaaS accounting for 70-80% of the business, the contribution margin will expand rapidly after breaking even." He further stated, "From next year, as expansion into the corporate sector becomes full-fledged based on strong references, profit leverage will emerge. The most crucial factor for growth will be the expansion of SAIP."

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