RaonSecure-RaonWhiteHat Approve Merger at General Meeting... "Leap to Global Blockchain Authentication Platform Company"

The merger proposal between RaonSecure and its subsidiary RaonWhiteHat was approved at the shareholders' meeting.

RaonSecure, a leading IT security and authentication company (CEO Lee Soon-hyung), announced through a disclosure on the 16th that the approval of the merger agreement with its subsidiary RaonWhiteHat was passed at the extraordinary shareholders' meeting held on the same day. The merged corporation will retain the existing name RaonSecure, and the merger date is set for December 1. To enhance shareholder value, the company will not issue new shares for the approximately 49.8% stake it holds in RaonWhiteHat. Additionally, 45% of the newly issued shares will be subject to a lock-up period for a certain time, so the actual tradable new shares immediately after the merger are expected to be around 5% of the total issued shares.

RaonSecure anticipates various synergies through the merger with its valuable subsidiary RaonWhiteHat. These include building a sound financial structure, improving management efficiency through the integration of human and physical resources, strengthening market competitiveness by consolidating core businesses in the same industry, increasing fundraising through business expansion, and enhancing shareholder value based on improved performance.

RaonWhiteHat operates blockchain-based authentication (BaaS), digital authentication (IDaaS), and white hat consulting services. Recently, it has distinguished itself in mobile ID, digital certificates, private authentication, and blockchain-based VC (Verifiable Credential) authentication and verification through its OmniOne integrated authentication service. The OmniOne integrated authentication service provides a single unified window for numerous private simple authentication services that replace public certificates, supporting various mobile identity authentications such as the national official mobile driver's license, government employee ID, and national veterans registration card.

RaonSecure plans to accelerate business expansion. The company will launch the SaaS-based certificate issuance platform ‘OmniOne Digital ID’ to expand its blockchain-based service business area and will actively pursue the establishment of digital ID platform systems targeting overseas countries such as Southeast Asia, Central Asia, and South America. In particular, in the second half of next year, it plans to release quantum-resistant cryptography (PQC) products to strengthen its leading position in the security market.

Lee Soon-hyung, CEO of RaonSecure, said, “We express our gratitude to all shareholders who supported the merger between our company and our subsidiary RaonWhiteHat,” adding, “This merger has laid the foundation for us to leap forward as a global blockchain authentication platform company by combining solid security solutions with blockchain authentication technology.” He also stated, “We will create growth momentum aiming to achieve 500 billion KRW in sales by 2030.”