SK Shielders "Leap to a Global Life Care Platform Company"

Park Jin-hyo, CEO of SK Shieldus, is explaining about the company at an online meeting on the 26th.

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[Asia Economy Reporter Jang Hyowon] SK Square’s security company SK Shieldus (CEO Park Jinhyo) held an online press conference on the 26th regarding its initial public offering (IPO) and announced its vision and business plans after listing.

SK Shieldus is a corporation launched by the merger of ‘SK Infosec,’ Korea’s No. 1 cybersecurity company, and ‘ADT Caps,’ a physical security company with over 50 years of history. The company changed its name to ‘SK Shieldus’ in October last year and is a Life Care Platform company that provides security, safety, and care services targeting people, information, spaces, and objects without time constraints across both the real and cyber worlds.

SK Shieldus currently operates four main businesses: ▲Cybersecurity (Infosec) ▲Converged Security (SUMiTS) ▲Physical Security (ADT Caps) ▲Safety and Care. The core cybersecurity business of SK Shieldus has shown an average annual growth rate of 16.4% from 2019 to 2021.

Additionally, from 2019 to 2021, the converged security business and the safety and care business achieved average annual growth rates of 90.1% and 68.2%, respectively. The cash cow physical security business continues to maintain stable growth. The company aims to increase the sales proportion of cybersecurity, converged security, and safety and care businesses, which was 41% last year, to over 60% by 2025.

Converged security, born from the synergy between cybersecurity and physical security, is a representative business of SK Shieldus in Korea. The converged security market is expected to continue high growth due to accelerated digital transformation across all industries and strengthened regulatory environments.

The safety and care sector, which the company is successfully expanding as a new growth engine in its business portfolio, is rapidly expanding due to social environmental changes such as the increase in single-person and elderly households and the spread of non-face-to-face culture caused by COVID-19.

The domestic physical security market is driven by technological innovation and social and environmental changes, leading to stable market growth. Compared to the U.S. (55%) and Japan (47%), the domestic market penetration rate of 30% is considered to have high growth potential, and SK Shieldus views this as an opportunity to strengthen its market dominance.

SK Shieldus possesses technology that collects and processes 8 trillion pieces of information data annually and has applied and commercialized an ‘AI First’ policy across all business areas. Based on core competencies such as a broad customer base, enterprise-wide customer relationship management (CRM) based on big data, artificial intelligence (AI) platforms, leading technology, and subscription-based business models, the company has established a virtuous cycle system that drives the growth of new business models.

Furthermore, SK Shieldus secures differentiated competitive advantages through synergy creation with SK Group affiliates. Over the past three years, the company has expanded its total customer base more than fourfold through ▲building converged security cases in key SK Group industries such as semiconductors, batteries, bio, and ICT ▲marketing collaborations including bundled products with SK Telecom and SK Broadband to increase subscribers ▲comprehensive collaboration with SK affiliates for new business development and expansion.

Park Jinhyo, CEO of SK Shieldus, stated, “We are establishing and leading a new definition of security that does not exist anywhere else in the world, not just in Korea,” and added, “As a unique Life Care Platform company, we will lead innovation in Korea’s security industry.”

Meanwhile, SK Shieldus’s total number of shares offered is 27,102,084, with a desired price range of 31,000 to 38,800 KRW per share. Domestic institutional investors will participate in demand forecasting on May 3-4 to finalize the offering price, followed by a subscription for general investors on May 9-10. The scheduled listing date is May 19. The joint lead underwriters for the listing are NH Investment & Securities, Morgan Stanley International Securities, and Credit Suisse Securities, with KB Securities as a co-lead underwriter, and SK Securities, Daishin Securities, Mirae Asset Securities, and Samsung Securities participating as underwriters.

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