Kakao Mobility Acquires Parking Operator GS Park24 for 65 Billion KRW

[Asia Economy Reporter Buaeri] Kakao Mobility announced on the 8th that it will acquire the parking lot operator 'GS Park24' for 65 billion KRW.

GS Interpark24 is a parking subsidiary of GS Group that introduced Korea's first branded parking lot and a 24-hour year-round unmanned parking system.

Kakao Mobility plans to integrate artificial intelligence (AI) and other ICT technologies into GS Park24 parking lots to evolve them into key infrastructure for urban mobility hubs.

Kakao Mobility started parking services in 2017 through the KakaoT application (app). It provides an integrated mobile service covering the entire process from parking lot search, navigation, entry, to discount and payment. It has been managing parking services at major parking lots such as Everland, COEX, and Centerfield.

Lee Chang-min, Vice President of Kakao Mobility, said, "Parking lots are core infrastructure where urban mobility begins and ends. Through this acquisition, we have secured a foundation to test various new technologies and services centered on parking lots," adding, "We will create new value in the space of parking lots and lay the groundwork for the adjacent industries to develop together."