South Korean proptech startup Zigbang is acquiring Samsung SDS' home internet of things (IoT) unit for an undisclosed sum.
Samsung SDS offers products like digital door locks and wall pads that connect to users' smartphones.
According to TechCrunch, the startup aims to increase its market share by acquiring Samsung SDS' smart home IoT business.
"By combining Zigbang's residential contents with Samsung [SDS]' home IoT hardware, we will revolutionise the smart home market," CEO of Zigbang Sung-woo Ahn said in a statement.
In 2016, Samsung SDS tried to sell the smart home IoT unit to Ireland-based company Allegion but they couldn't reportedly reach an agreement,
Samsung SDS's IoT unit is currently generating good revenues in more than 16 countries.
"Digital transformation is about using digital technologies to add meaningful value to all elements of the company," according to Hwang Seong-woo, CEO of Samsung SDS.
With over 20 years of security service experience, Samsung SDS provides end-to-end security detection and response service for IT, OT, IoT, and Cloud domains through one integrated platform, powered by its global threat intelligence, Security Orchestration Automation and Response (SOAR), and AI/ML-enabled cybersecurity solutions.
Zigbang has 33.5 million users with 8.1 million monthly active users.
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