SK Networks to acquire data management company en-core

SK Networks Co., a South Korean trading company, will acquire en-core, a data solutions and consulting firm. The strategy is aimed at strengthening its business by integrating artificial intelligence (AI) with large-scale data.

During a board meeting held on Friday, SK Networks announced the approval of the acquisition proposal from MetaM, the largest shareholder, and the president of en-core. The acquisition involves obtaining 213,304 shares of en-core (88.47% ownership) for 88.47 billion won ($68.9 million). After conducting due diligence, SK Networks plans to finalize the stock purchase agreement within the year.

With the acquisition of en-core, SK Networks anticipates creating synergy by establishing a data integration infrastructure in collaboration with its headquarters and subsidiaries, including SK Rent-A-Car, SK Magic and SK Electlink.

Founded in 1997, en-core is a specialized data company primarily engaged in data management consulting and solution businesses. It has secured around 500 clients in various fields such as telecommunications, finance and mobility. The company reported revenues of 29.5 billion won ($23 million) and an operating profit of 6.5 billion won ($5.1 million) last year.

Starting in 2020, SK Networks has been investing in promising domestic and international companies related to data and AI technology, including large-scale data center funds.

Notable investments include AI-based device startup Humane, unmanned tractor automation solution company Sabanto, and smart farm startup Source.ag. Last month, the company also discussed collaboration opportunities with Sam Altman, the CEO of OpenAI, during his visit to Korea. 

Write to Jae-Fu Kim at hu@hankyung.com