Korean prop-tech startup Zigbang, which runs a successful rental-property app, will foray into the smart home market by acquiring Samsung SDS’ home internet of things (IoT) unit. Samsung SDS is the Korean corporate’s smart home IoT division, which sells digital door locks and wall pads that connect to users’ smartphones.
Zigbang Co. Ltd.’s app is the number one app in the country for all those looking for a rental property. Zigbang has 33.5 million users with 8.1 million monthly active users.
With the acquisition of the smart home IoT business, the startup expects to create technological synergies and increase its market share. “By combining Zigbang’s residential contents with Samsung [SDS]’ home IoT hardware, we will revolutionize the smart home market,” CEO of Zigbang Sung-woo Ahn said in a statement.
Zigbang and Samsung SDS deal should be sealed in the second quarter of the year, and the agreement is estimated at $85 million (100 billion won), based on media reports. Zigbang aims to enter the global market for smart home devices with the acquisition. Samsung SDS’s IoT unit has a presence in over 16 countries and generates solid revenues.
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