S.Korea's Bespin Global secures $107 mn from Middle East

South Korea's cloud management company Bespin Global said on Monday that it has secured 140 billion won ($107 million) in investment from e& Enterprise, a digital service company from the United Arab Emirates.

With the latest investment as momentum, the Korean company plans to establish joint ventures with local partners in the Middle East, Africa, and Pakistan. The joint ventures will provide business cloud services, including cloud management and operation, to corporate users in the regions.

Based on the large-scale equity investment by e& Enterprise, Bespin Global plans to focus more on global expansion centered on overseas bases in the United States, Southeast Asia, Japan, and China, as well as Korea.

E& Enterprise is an affiliate of e& Group, the largest ICT company in the Middle East with a market value of $55.8 billion. e& currently operates "Etisalat by e&," the Middle East's largest mobile telecom company, which boasts about 160 million members in 16 countries in the Middle East and Africa, including Egypt. In Korea, it was made famous by jointly promoting a metaverse project in the Middle East with SK Telecom.

"Based on the deep trust in Bespin Global as a partner of the UAE government and companies there, we decided to found a joint venture with the company and invest in it to expand cloud services," said Salvador Anglada, CEO of e& Enterprise.

Lee Han-joo, CEO of Bespin Global, said, "We will work with e& Enterprise to provide essential cloud management services to potential customers in the Middle East, North Africa, and Pakistan, where cloud demand is exploding," adding, "The latest investment has proven once again our capabilities as a trustful global cloud service provider."

Write to Seung-Woo Lee at leeswoo@hankyung.com