Sat. Nov 26th, 2022

Kumho Electro-Mechanics’ subsidiary Brickmate (CEO Oh Jong-soo and Kim Min-wook) announced that it has signed an M&A contract with Primoa (CEO Han Kyung-won), an IT project matching platform operator.

The merger and acquisition will be carried out through a transfer contract and a paid-in capital increase contract for shares held by Primoah’s management, and Brickmate will secure a 70% stake in Primoah and the largest shareholder status. Brickmate’s management will join Primo’s board of directors, and Han Kyung-won, founder of Primo, will maintain his position as CEO.

Primoa, along with companies such as Kmong and Wishcat, is a project brokerage platform specialized in online services and IT in the country’s leading gig economy category, and projects worth about 368.1 billion won have been registered so far. It also has 75,882 successful project portfolio matching results, and tens of thousands of software developers are known to be using the Primoa service.

Brickmate is a global IT developer based on next-generation technology and is engaged in various businesses in the B2B software industry, including system integration, cloud solution introduction, domestic and foreign technology investment, and blockchain-specific solution and service development. The acquisition of Primoa has set the stage for business expansion.

Brickmate plans to reorganize and expand it into a service offering that is more than just a brokerage by supporting all companies supported by Primoah to easily introduce cloud-native-based technologies. By combining the global capabilities of the two companies with domestic developer network infrastructure, the company plans to promote process innovation that can solve large-scale domestic and foreign development projects through intra-cross-border convergence, upgrade business models, launch them in global markets such as the U.S. and Vietnam, and expand services.

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