IT security and authentication leading company RaonSecure (CEO Lee Soon-hyung) has successfully completed the merger process with its subsidiary RaonWhiteHat.
RaonSecure finalized the merger process on the 1st by holding a board meeting and posting a merger announcement in lieu of a general meeting to report the completion of the merger. This comes about five months after announcing the company merger decision at the end of June, and the new shares from the merger are scheduled to be listed on the 18th.
Through this merger, RaonSecure expects to build a sound financial structure, improve management efficiency by integrating human and physical resources, strengthen business competitiveness through the integration of core businesses, and increase performance through expansion.
At the time of the merger resolution, the company decided not to issue new shares for the 49.8% stake in RaonWhiteHat it holds in order to enhance shareholder value. Additionally, 90% of the newly issued shares will be subject to a lock-up period for a certain time, so the actual tradable volume after the listing of the merger shares is expected to be around 5% of the total issued shares.
RaonSecure CEO Lee Soon-hyung stated, “Based on this merger, RaonSecure will enhance management efficiency and improve business competitiveness to further strengthen its position as a global IT security solutions and services company.”
Meanwhile, according to a report issued by Eugene Investment & Securities on the 1st, RaonSecure’s “full-scale business expansion through the merger with RaonWhiteHat” was highlighted as an investment point, and it is expected to secure mid- to long-term growth engines by entering the IDaaS (Identity as a Service) and blockchain-based digital authentication markets through Korea’s first commercialization of digital ID.
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