- Decided on merger of HDC I-CONTROLS and HDC I-SERVICE on June 4 and scheduled to complete it by the end of the year


- Providing intelligent customer experience through combining AIoT technology competence and real estate operation & management


- Carrying out M&A and R&D based on KRW 800 billion in revenue and cash holdings of KRW 200 billion after the launch of HDC LABS (tentative name)


 


HDC I-CONTROLS of the HDC Group (Chairman Chung Mong-Gyu) will start anew as a space AIoT platform through its merger with HDC I-SERVICE.


 On June 4, HDC I-CONTROLS and HDC I-SERVICE announced their decision on a merger after they each held a board meeting. HDC LABS (tentative name), which will be launched through this merger, will strive to become a space AIoT platform company with the goal of leading the market by providing intelligent customer experience through combining HDC I-CONTROLS’s AIoT technology competence with HDC I-SERVICE’s real estate operation & management know-how. The merger procedure is scheduled to be completed by the end of this year.


HDC I-CONTROLS is the HDC Group’s IT solution specialized company that was established in 1999, doing business in IBS (Intelligent Building System), Smart Home, SOC (Social Overhead Capital - private investment business) Solution, M&E (Mechanical & Electrical - machine and facility construction) and more. HDC I-SERVICE, the transferor company, has provided various comprehensive real estate services such as real estate general management, asset management, interior design, and landscaping business since it was founded in 1992. It is now managing more than 300 businesses.


During the process of the merger, HDC LABS plans to establish a business environment that has sustainable growth by combining the core business capabilities of both companies through digital transformation. In addition, its strategy is to create high added value by providing a differentiated space management solution such as developing new products and customized services in the overlapping business areas and increasing competitiveness in winning contracts through combining the customer network of both companies.

 


 In particular, great financial stability is to be expected as it will reach over KRW 800 billion in revenue and KRW 200 billion in cash holdings after the merger. Based on this, HDC LABS will aggressively carry out M&A to secure core technology such as AI, Big Data, Cloud and Digital Twin, and strengthen R&D competence, thereby increasing company value and reaching sales of KRW 2 trillion in 2025.


 Meanwhile, the HDC Group is continuously striving to discover future new growth engines and establish a momentum for change. It is raising its status as a comprehensive financial real estate group by hitting its stride in energy development businesses and real estate financial businesses utilizing REITs, carrying out large-scale development projects such as the Kwangwoon Univ. Station Area development project, and more. Through cooperation between subsidiaries of the HDC Group, it is directing all its energy to innovate customer experience, create new business platforms and establish a basis for sustainable growth.