Korean software developer Hancom said on Feb. 27 it will shift its focus to the shared mobility business to bolster its smart city platform, hoping to cash in on the growing technology sector.
Hancom said it has acquired a 46.8 percent stake in its parking lot sharing platform Hancom Mobility for 3.8 billion won (US$3.40 million) to expand its mobility business.
Hancom Mobility has developed a vehicle recognition sensor based on Internet of Things technology to allow drivers to check parking space and vehicles‘ condition in real time when integrated with monitoring cameras.
The IoT parking solution can connect drivers with idle parking space owned by governments or individuals, helping to reduce parking issues in big cities.
With the acquisition, Hancom said it will integrate its vehicle recognition solution and infrastructure to enhance competitiveness of the parking lot sharing platform.
“By participating in this year’s MWC as an exhibitor, I saw firsthand that there is strong global demand for the shared mobility service and growth potential,” Hancom’s Kim Sang-chul said in a press briefing during MWC Barcelona, the world’s largest mobile show.
“We will push to forge partnerships with other companies to develop the mobility platform that can flexibly meet the market demand.”
By Ram Garikipati and newswires (email@example.com)