April 25, 2024

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[THE INVESTOR] Naver CEO Han Seong-sook announced on June 27 that the Korean internet giant has decided to acquire the Xerox Research Centre Europe in Grenoble, France. The French Works Council has finalized the agreement and the deal is expected to be completed in the third quarter. 

Often referred to as the Silicon Valley of Europe, the XRCE focuses on research in artificial intelligence, machine learning, computer vision, natural language processing and ethnography. Naver plans to expand its future technologies such as AI and strengthen its global capabilities through the acquisition of the R&D center.

“XRCE’s research expertise is well aligned with Naver and we expect it to create great synergy. Its world class R&D achievements in AI technology, including computer vision and machine learning, will significantly strengthen Naver Labs’ research in ambient intelligence including autonomous vehicles, AI/deep learning, intelligent 3-D mapping, robotics and natural language processing,” said Naver CTO Chang-hyeon Song.

As Korea’s leading internet firm, Naver has been the top search engine since its inception in 1999. It has also showcased its innovative mobile services overseas through its mobile messenger Line and video messenger Snow. Its technological research subsidiary Naver Labs has also been at the forefront of future technologies such as AI, autonomous driving, and robotics. With the acquisition of XRCE, Naver plans to accelerate developing future technologies and expand its global capabilities.

Once the acquisition is finalized, Naver will sign a licensing agreement for Xerox’s intellectual property and all the 80 researchers and administrative staff are expected to join Naver.

By Alex Lee (alexlee@heraldcorp.com)