South Korean proptech startup Zigbang has acquired Samsung SDS’ home internet of things (IoT) unit as part of its plans to break into the smart home industry.
Samsung SDS’ smart home IoT unit includes products such as digital door locks and wall pads that connect to users’ smartphones.
The startup, which signed the acquisition agreement yesterday, aims to complete the deal in the second quarter of this year.
The company declined to comment on the acquisition deal valuation, however it is estimated at $85m (£63.2m) based on media reports.
Sung-woo Ahn, CEO of Zigbang, commented: “By combining Zigbang’s residential contents with Samsung [SDS]’ home IoT hardware, we will revolutionise the smart home market.”
Zigbang Sunwoong Lyuh, vice president at Zigbang, added: “This acquisition will enable Zigbang to enter the global smart home markets and accelerate its growth because Samsung SDS’s IoT unit is currently generating solid revenues in more than 16 countries.”
Zigbang wants to digitize everything about living space, from real estate transactions to smart home devices. The company also plans to enter the self-storage and home inspections and repairs services.
Image: Sung-woo Ahn, CEO of Zigbang
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