SK Telecom (SKT) unveiled plans to merge subsidiaries SK Infosec and ADT Caps, aiming to create a converged security company valued at KRW5 trillion ($4.5 billion) within three years.
In a statement, SKT president and CEO Park Jung-ho said “we will lead the future convergence security industry by developing innovative security services and platforms, and accelerate our growth as a global ICT company”.
The operator said as a specialised security unit it will introduce services combining SKT’s ICT capabilities, SK Infosec’s information security platform, and ADT Caps’ security monitoring and control system, and dispatch security service assets.
Its first step in the tie-up involves merging SK Infosec with ADT Caps parent Life and Security Holdings (LSH) by the end of 2020, with ADT Caps to be combined with this business in Q1 2021.
The operator said SK Infosec is the largest information security company in South Korea, with turnover of KRW270 billion in 2019, while ADT Caps is the second-largest physical security business with 700,000 subscribers and annual revenue of KRW913 billion in 2019.