[Special Stock] Spatial Information Industry Platform Company Declines After Merger Listing with Yuanta SPAC
Leading Related Market with Launch of Private Spatial Information Platform
Spatial Information Essential for New Businesses like Augmented Reality and Metaverse
[Asia Economy Reporter Hyungsoo Park] Wavers is showing strong performance. This is interpreted as a result of increased interest in metaverse-related stocks after ForByFor recorded a 'double rise' on its first day of listing. ForByFor entered the KOSDAQ market with a public offering price of 17,000 KRW and started trading at an opening price of 34,000 KRW. Within two minutes of the market opening, the price hit the upper limit, pushing the market capitalization beyond 450 billion KRW. Last year, it recorded sales of 22.3 billion KRW and an operating profit of 4 billion KRW.
As of 2:14 PM on the 28th, Wavers is trading at 2,545 KRW, up 10.89% from the previous day. Its market capitalization has recovered to 120 billion KRW. The stock price, which hovered around 3,800 KRW earlier this month, fell below 2,000 KRW on the 22nd but has recently shown signs of rebounding.
Wavers is a leading company in the spatial information industry platform. It was listed on the KOSDAQ market through a merger listing with Yuanta No.5 SPAC.
The company holds numerous references related to the construction of major domestic spatial information platforms and spatial information businesses. It carried out the Korea Land Information System (KLIS) project for the Ministry of Land, Infrastructure and Transport, which can be considered the origin of the national spatial information system. This is Korea's representative land administration support system, integrating cadastral maps and land registers, established across 17 metropolitan cities and provinces and 229 cities, counties, and districts nationwide.
Wavers has also built the Ministry of Land, Infrastructure and Transport's integrated and converged spatial information utilization system 'National Spatial Information Platform (K-Geo Platform)', the Korea Land and Geospatial Informatix Corporation (LX)'s spatial information-based infrastructure and data management system 'LX Land Information Platform', and the Chungcheongbuk-do and LX's spatial information-based smart local administration platform ‘Smart Chungbuk Spatial Information Platform’.
Launched in 2020, Wavers' ‘GeOnPaas’ is a cloud Platform as a Service (PaaS)-based spatial information software development platform. It provides spatial information development, management, and utilization solutions tailored to individual user needs. Key features include ▲ WeFramework, which enables easy and fast implementation of spatial information standard functions ▲ ImFramework, which facilitates easy and rapid processing of information collection, processing, and linkage ▲ UnionMap, which supports 3D spatial information display and analysis ▲ WeSecuwave, which supports management through the fusion of network, IT systems, and data.
The company has shown strong performance due to the growth of the spatial information industry and the increasing proportion of the spatial information platform business. As of 2020, the company achieved sales of 41.21 billion KRW and an operating profit of 6.715 billion KRW. The share of spatial information platform sales in total revenue increased more than fourfold from 7.77% in 2019 to 28.18% in the third quarter of last year.
Based on its experience in building public spatial information platforms, Wavers plans to strengthen its position in the private market by launching new private spatial information platforms beyond business-to-government (B2G) transactions. The strategy includes building private spatial information distribution platforms and subscription services to create a business-to-business (B2B) market with companies requiring spatial information in metaverse, digital twin, augmented reality (AR), virtual reality (VR), and extended reality (XR), while actively targeting the business-to-consumer (B2C) market separately. The spatial information platform market has grown significantly since 2020. Economic results can be realized only when real-world spatial information is integrated into virtual worlds such as metaverse and augmented reality. High-growth companies like Kakao Taxi, Zigbang, and Baedal Minjok all fundamentally build spatial information.
Kim Hak-sung, CEO of Wavers, said, “We will secure continuous growth momentum based on the spatial information SI and SM services that Wavers has performed and expand the spatial information platform business linked to the national spatial information industry promotion plan.” He added, “We will activate entry into private and overseas spatial information markets to achieve convergence and development with other industries.”
He emphasized, “Facebook, MS, Google, and others are all heavily investing in spatial information and virtual worlds. Wavers is not behind in the domestic spatial information data market, having decades of know-how and land information management.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
