Code States Acquires Student Independence Manse Company

Establishment of a Comprehensive System to Apply Income Sharing Model to External Education

[Asia Economy Reporter Kim Cheol-hyun] Code States, a leading domestic talent development startup, announced on the 19th that it will acquire Haksaeng Doknip Manse to expand its income share agreement (ISA)-based education business.

Both companies share the commonality of introducing a 'learn first, pay later' income share model, creating a new culture where education fees are paid after employment. This acquisition and merger were pursued to maximize synergy through the combination of the core competencies held by both companies and to secure competitiveness for market expansion.

The acquisition will be conducted in the form of Code States acquiring 100% of Haksaeng Doknip Manse. Once the acquisition process is finalized, Haksaeng Doknip Manse will terminate its services at an appropriate time and method and be absorbed into Code States. A comprehensive team integration will be carried out, taking into account the qualifications and capabilities such as knowledge, experience, and networks of members from both sides.

Based on strengthened organizational capabilities, Code States aims to build a comprehensive system that can universally apply the income share model to various external education programs. They plan to enhance synergy by additionally integrating Haksaeng Doknip Manse’s student selection and income share repayment systems, as well as know-how in collaborating with educational institutions.

Founded in 2018, Haksaeng Doknip Manse has operated about 70 career-related deferred payment education courses, including in the 4th industrial revolution fields, in connection with more than 20 partner companies, and has secured approximately 2,000 students over about three years since its launch.

Kim In-gi, CEO of Code States, said, "Through this strategic acquisition, Code States will take a step closer to the 'human capital' vision of investing in people and it will be an opportunity to significantly expand the domestic ISA market."