BusinessOn Acquires Shares of Planit Partners... "Laying the Foundation for Big Data Business"

[Asia Economy Reporter Minji Lee] BusinessOn announced on the 16th that it has laid the foundation for the growth of its big data business by acquiring shares of Planit Partners (hereinafter ‘Planit’), a data analysis specialist company.

On the 13th, BusinessOn disclosed that it signed the main contract for the share acquisition following the MOU with Planit. This is evaluated as having established the foundation for the growth of the big data business, which the company is promoting as a core growth engine.

As stated in the previous MOU, the scale of the share acquisition is 27 billion KRW, to be paid entirely in cash, and the key personnel including the CEO of Planit will repurchase 10 billion KRW worth of BusinessOn shares.

The purpose of Planit’s management acquiring BusinessOn’s treasury shares is to express a commitment to responsible management aimed at maximizing business performance through cooperation between the two companies. According to the main contract, Planit will not sell BusinessOn shares for at least two years.

Planit provides services across all areas of corporate data design, collection, processing, analysis, and visualization. It has particular strengths in analysis and visualization. A significant number of customers, including large corporations such as Samsung Electronics and SK Telecom, use Planit’s services.

A BusinessOn official stated, “This contract has established a foundation that covers the entire big data business area, and by combining the data analysis and planning capabilities of both companies, it has become possible to provide advanced analysis solutions,” adding, “Through this, 2021 will be the first year of the company’s quantum jump.”

Recently, BusinessOn has been pursuing strategic M&A moves, acquiring Glosign in the electronic document field and Planit in the big data analysis business, based on its competitive edge in the electronic tax invoice market. To achieve its growth strategy, the company plans to continuously expand M&A activities in the future.