US IT Company PSI International Acquires DBC, CareLabs, and FSN

[Asia Economy Reporter Jang Hyowon] PSI International, a US IT specialist company pursuing a Nasdaq listing, is set to acquire three domestic KOSDAQ-listed companies: Daily Blockchain (DBC), CareLabs, and Future Stream Networks (FSN).

DBC and FSN announced that they will issue third-party allotment capital increases and convertible bonds to PSI International, respectively, aiming to change the largest shareholder. CareLabs, in which DBC holds a 20.9% stake as the largest shareholder, will be included in the sale process, and at the same time, plans to strengthen management control through issuing convertible bonds to PSI International.

PSI International formed a consortium for this acquisition. Once all acquisition procedures are completed, the company plans to maximize business synergy and create a high-quality enterprise with consolidated sales in the 300 billion KRW range.

A PSI International representative stated, "Since the core business sectors of each company align with PSI International’s business areas, we plan to reorganize the overall business system to increase corporate valuation based on a strong growth vision and prepare for the Nasdaq listing process."

Founded in 1997, PSI International is a mid-sized US IT company covering data technology across various industries including healthcare, transportation, defense, public sector, aerospace, and green energy. Last year, it was selected as one of the Top 10 US IT companies in the healthcare sector by Pharma tech. Recently, it completed SPAC merger negotiations for Nasdaq listing and has entered the full-scale listing procedures.

Upon completion of this acquisition, PSI International plans to integrate CareLabs’ telemedicine platform technology into its main business sectors to reorganize its healthcare IT business. Additionally, in cooperation with DBC and FSN, it aims to prepare for various SOC projects targeting the US New Deal policy, which is expected to see the largest budget allocation after the presidential election, thereby expanding its cash cow business.