South Korea's largest travel tech startup Yanolja has announced that it will acquire the e-commerce businesses of Interpark to target the global tourism market.
Yanolja signed an agreement to acquire a 70 percent stake in Interpark's e-commerce businesses such as travel, concerts, shopping, and books for 294 billion won.
Yanolja said, "This acquirement is meaningful in actively targeting the global tourism market dominated by foreign platform companies as a domestic company."
The two companies are planning to cooperate to strengthen the competitiveness and advancement of domestic and global leisure industry. In particular, Yanolja will expand its global business by actively responding to changes in the global tourism market, which will become more competitive in the post-pandemic era. In addition, it is going to expand various cooperation and support programs that help the win-win growth of the domestic travel industry.
Yanolja has been conducting global businesses focusing on SaaS (Software as a Service) technology. Based on its understanding of the market and solution technology, it has been competing with leading tourism companies and showing outstanding results in the global hotel solution market.
Through this acquisition, Yanolja is expected to have more differentiated competitiveness in usability, such as interconnecting its SaaS with foreign tourism platforms.
Meanwhile, Interpark named NH Investment & Securities as its M&A advisory, and has been pushing the sales of shares, including shares of CEO Lee Ki-hyung, the largest shareholder. (ANI/Global Economic)
( With inputs from ANI )
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