Ajax Signs Joint IoT Business Agreement with Yap Company

[Asia Economy Reporter Jang Hyowon] KOSDAQ-listed company Egjax is securing ICT competitiveness by promoting a joint IoT business with Yap Company, which commercialized the Internet of Things (IoT) beacon technology for the first time in Korea.

Egjax announced on the 26th that on the 25th, it signed a joint business agreement aimed at expanding the IoT business through smooth mutual exchange of its own device manufacturing and sales and location-based technology with Yap Company's IoT service technology and know-how.

The IoT industry continues to grow rapidly. According to the global market research firm IDC (International Data Corporation), global spending on IoT-related products is expected to surpass 1 trillion dollars (approximately 1,177 trillion KRW) in 2022. Markets and Markets also reported that the global IIoT (Industrial Internet of Things) market, which includes devices such as sensors and equipment interconnected through networks in industrial sectors like manufacturing and energy management, has been growing at an average annual rate of 7.4% since 2019, and is projected to reach 110.6 billion dollars (approximately 130.12 trillion KRW) by 2025, when advancements in semiconductor and electronic device technologies are expected.

According to this agreement, Egjax will establish a joint IoT business-dedicated TF (TASK FORCE) team with Yap Company and focus on actively securing domestic and international IoT business orders. In addition, Egjax plans to expand the scale of its business continuously by jointly operating domestic and international IoT infrastructure construction projects with Yap Company, including pilot projects such as ▲augmented reality (AR) ‘indoor navigation’ and metaverse platform development, which Egjax is promoting for commercialization around Macau airport and casinos through a recent MOU, as well as ▲location-based ‘COVID-19 notifier’ and ▲non-face-to-face ordering system for small business stores ‘Yap Order,’ which Yap Company is conducting mainly with Seoul metropolitan government.

Choi Simyeong, CEO of Egjax, said, “The projects to be carried out under the cooperation system between the two companies in the future can become representative cases that will be technically recognized in the rapidly growing global IoT market,” and added, “Since both companies have differentiated competitiveness in hardware and software areas within the IoT business sector, which is considered a core area of the 4th industrial revolution, we will maximize synergy and become a global leading company.”