Acquisition of Smartcon Co., Ltd.
On October 25, 2016, Metaps, Inc. (“Metaps”) announced its acquisition of Smartcon Co., Ltd. (“Smartcon”), a top prepaid card operator in Korea. Metaps acquired 51% of the outstanding common stock of Smartcon from the management of Smartcon for KRW 10.2billion in cash.
Metaps operates marketing business and finance business to build own economic zone under the mission of “To be the World’s Brain – Empowering people to make smarter decisions through computer learning-”. Metaps operates 8 offices globally and its overseas revenue reached approx. 60% of the revenue for marketing business in FYE16/8. In Korea, the market for mobile payment service is growing rapidly and Smartcon is currently leading domestic market as the top operator.
Metaps recently announced its “Midterm Management Policy 2020” and finance business is stated as the key business area. This transaction is the first step for Metaps to start finance business in oversea and Metaps aim to provide new payment service by combining Metaps’s experience in smartphone marketing / online payment and Smartcon’s knowledge in issuing prepaid card / e-money.
■ About Smartcon
Company Name：Smartcon Co. Ltd.
Name of re presentative CEO：Jong-hyun Kim
Nature of Business：Mobile payment service provider (prepaid card, e-money), Mobile marketing and promotion for corporate