Bespin Global to list next year despite big, growing losses

Tech

Published: 02 Feb. 2023, 17:25 Updated: 02 Feb. 2023, 20:10

Bespin Global to list next year despite big, growing losses

Lee Han-joo, CEO and co-founder of Bespin Global, speaks at a press conference held at El Tower in southern Seoul on Thursday to introduce the company's plans and the launch of its rebranded cloud management platform ″OpsNow 360.″ [BESPIN GLOBAL]

Bespin Global, a Seoul-based cloud management and consulting start-up, aims to be listed by next year — possibly outside of Korea — according to Lee Han-joo, CEO and co-founder of Bespin Thursday.

Lee announced the news at a press conference held at El Tower in southern Seoul as Bespin introduced “OpsNow360,” its rebranded cloud management platform.

OpsNow360, an updated version of “OpsNow,” is a tool that allows users “to efficiently manage all cloud-related tasks.”

The primary difference in the updated version is that all cloud-related services — managing assets, cost, security, governance and fault detection — are integrated under one platform based on automatized artificial intelligence (AI), the company says.

OpsNow360 will be available this month.

Nearly 80 billion won ($65.6 million) was invested into the system, Lee said.

“There are plenty of cloud-related companies out in the market, but I dare to say that Bespin Global is the sole company worldwide to have steadily accumulated cloud software data for the last seven years — that is our main competitiveness against other companies,” said Lee. “Our advantage lies in the dataset that we’ve gathered about cloud management.”

Bespin plans to be listed by 2024, despite reporting steady and increasing losses. The company reported an operating loss of 39.9 billion won in 2021 and 27.7 billion won in 2020.

The loss "has not grown to a scale that I’m worried about,” Lee said.

Bespin’s aim for an initial public offering (IPO) is not necessarily limited to Korea, Lee said.

“We are also in active discussions with foreign markets as well,” Lee said. “But nothing specific has been set in motion yet. We are considering both domestic and overseas markets, but as of now we are veering towards the latter.”

Bespin also announced that it has prepared a 200 billion won fund to merge and acquire other companies to further develop OpsNow 360 and to advance globally.

“Our primary target in M&A is companies which possess the software technologies to enhance our cloud management service,” Lee said. “We also hope to acquire companies which can help us advance in the global market.”

In December, Bespin raised 140 billion from e& Enterprise, an IT unit of e&, one of the largest telecommunications providers in the UAE. The company reported that the money will be used to form a joint venture catering to clients in the Middle East, North Africa and Pakistan.

Lee also released specific goals for OpsNow360 in order for Bespin to become a global top contender in the field.

“By 2027, OpsNow360 aspires to manage 30 percent of worldwide cloud usage,” Lee said. “That is 360 trillion won of revenue amid global cloud usage, which transits to a value of 1,200 trillion won.”

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]