LG U+ invests $18 million in Korea Credit Data

Kim Dong-ho, left, Korea Credit Data CEO, and Hwang Hyeon-sik, LG U+ CEO, pose for a photo during a signing ceremony held at the LG U+ headquarters in Yongsan District, central Seoul. [LG U+]

LG U+ made a 25.2-billion-won ($18 million) equity investment in Korea Credit Data (KCD), a business management software company, the telecom company announced Thursday.

It is the largest investment made by LG U+ in unlisted company, according to the telecom company.

Founded in 2016, KCD offers a sales management system to some 1.2 million clients, which are mostly small business owners and the self-employed. The company’s subsidiaries include Korea Credit Service, a credit bureau service provider, and I’mU, a point-of-sale hardware manufacturer.

LG U+ and KCD signed a business agreement to jointly sell and develop service products for small business owners.

“Through the equity investment in KCD and the business agreement, we are now able to offer more differentiated products and services for SOHO [small office/home office] clients,” said LG U+ CEO Hwang Hyeon-sik. “We will set a new standard for digital infrastructure by combining each company’s capabilities.”

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]