DreamInsight announced on the 2nd that its subsidiary LartzX and commerce specialist company ItLife have completed the merger process. LartzX is a subsidiary wholly owned by DreamInsight that operates the Creamers (Creative Commerce) business.
On July 26th of this year, LartzX resolved the merger with ItLife through an extraordinary general meeting of shareholders. The merger ratio is 1 to 0, with LartzX remaining as the surviving company and the merged company ItLife being dissolved. DreamInsight stated that this merger decision is a strategy to strengthen the competitiveness of the Creamers new business.
ItLife, famous for the golf distance measuring device ‘Lartz Pocket Caddy,’ was established in 2016. It is a company that distributes and sells product lines closely related to daily life, such as health functional foods, home appliances, and cosmetics. Its main brands include Men’s Ten, Lartz, and Dear Camp.
A DreamInsight official said, “The data-driven trend analysis technology accumulated as a comprehensive advertising agency, LartzX’s own research and development (R&D) center, and ItLife’s brand strengths are all combined, and we expect great synergy in the future,” adding, “Our goal is to achieve sales of 100 billion KRW in the Creamers new business alone by 2027.”
Meanwhile, DreamInsight has continued steady external growth despite the overall sluggishness in the advertising industry in the first half of this year. Consolidated sales for the first half reached 8.8 billion KRW, a 16.9% increase compared to the same period last year, while operating profit slightly declined due to increased hiring and investment to promote new businesses.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
