LGU+ Growing Connected Cars, Investing in Obigo Shares and Forming Business Partnership

Obigo Acquires 5% Stake for 7.2 Billion KRW

LG Uplus announced on the 3rd that it has made an equity investment in Obigo and signed a business partnership agreement to strengthen its competitiveness in the connected car business. The photo shows Choi Taek-jin, Head of LG Uplus Enterprise Division (left), and Hwang Do-yeon, CEO of Obigo (right), posing for a commemorative photo at the signing ceremony. Photo by LG Uplus

[Asia Economy Reporter Cha Min-young] LG Uplus announced on the 3rd that it has signed a memorandum of understanding (MOU) for a smart mobility business partnership with smart car software (SW) company Obigo.

Through this agreement, the two companies plan to enhance their infotainment service capabilities and collaborate in vehicle communication service business and content business.

Obigo is a company that develops software platforms used in smart cars, and LG Uplus acquired a 5% stake in the company for 7.2321 billion KRW on the 15th of last month. Through this, LG Uplus secured the usage rights to Obigo's web platform.

Choi Taek-jin, Vice President and Head of LG Uplus Enterprise Division, emphasized, "We will combine Obigo's infotainment platform with LG Uplus's communication capabilities, original equipment manufacturer (OEM) collaboration experience, and specialized content capabilities."

Hwang Do-yeon, CEO of Obigo, said, "We will prepare various mobility services and content based on the smart car software platform so that LG Uplus can establish itself as a leading player in the connected car market."