South Korean proptech startup Zigbang is acquiring Samsung SDS' home internet of things (IoT) unit. The startup expects to create technological synergies and increase its market share by acquiring the smart home IoT business.
The 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.
CEO of Zigbang Sung-woo Ahn said, “By combining Zigbang's residential contents with Samsung [SDS]' home IoT hardware, we will revolutionise the smart home market.”
With over 20 years of security service experience, Samsung SDS provides end-to-end security detection and response service for IT, OT, IoT, and Cloud domains through one integrated platform, powered by its global threat intelligence, Security Orchestration Automation and Response (SOAR), and AI/ML-enabled cybersecurity solutions. Its main products include digital door locks and wall pads that connect to users’ smartphones.
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. Zigbang claims a total of 33.5illion users with 8.1 million monthly active users. It currently has 600 employees.
