Korea South, 25th Oct 2022, King NewsWire, A commemorative photo. From the left: Freemoa director Chan Lim, CEO Kyung Won Han, BrickMate CEO Jong Soo Oh, and CEO Min Wook Kim.
BrickMate Inc. (www.brickmate.net), a global IT outsourcing company in South Korea and Vietnam specialized software application development, announced that it had signed an M&A agreement with Freemoa, a leading Korean IT project matching platform operator, on September 30.
BrickMate CEO Jong Soo Oh explained the move: “The purpose of this M&A is to further advance toward our goal of becoming a digital powerhouse with the largest development capacity and resources in Korea. We plan to become a hub for the borderless workforce ecosystem: one in which talented developers from all over the world can participate in Korean projects and, conversely, Korean developers can freely participate in global projects.”
This strategic M&A will be carried out in the form of a transfer agreement for shares held by Freemoa management and a capital increase agreement. BrickMate will be procuring a 70% share in Freemoa and becoming the largest shareholder, with a transfer of management rights also taking place. BrickMate management will be joining Freemoa’s Board of Directors while Freemoa founder and CEO Kyung Won Han will remain as CEO.
A company official explained that “BrickMate has been growing rapidly since it was merged as a subsidiary of the KOSPI-listed company Kumho Electric Inc. (CEO: Hong Min Lee) in January,” adding “This deal was made as part of a move to achieve a more aggressive growth rate.”
Freemoa is a project brokerage platform specializing in IT and online services within the Korean “gig economy” category alongside companies like Kmong and Wishket. Projects amounting to a total of approximately 368.1 billion won have been registered on the platform so far. Freemoa also boasts a successful project portfolio matching record of 75,882 cases, with tens of thousands of software developers actively using Freemoa’s services.
BrickMate is a global IT development company based around next-generation technology and is engaged in various businesses within the B2B software industry such as system integration, cloud solution introduction, Korean and foreign technology investment, and development of blockchain-specific solutions and services. Through this M&A, the company has laid the foundation for a full-scale business expansion with one of Korea’s “Big 3” IT project matching platforms.
BrickMate will be supporting all companies supported by Freemoa so that they can easily adopt cloud-native-based technology and plans to reorganize and expand into a service that offers more than simple brokerage. By combining the global capabilities of both companies and the Korean developer network infrastructure, BrickMate plans to promote process innovation that will allow them to handle large-scale development projects both within Korea and overseas using a cross-border convergence method. In addition to this, BrickMate also plans to upgrade Freemoa’s existing business model, launch the platform on the global market in countries such as the United States and Vietnam, and expand its service extensively.
Contact Person: Jon Oh
Address 1: Seoul HEADQUARTER Address: 19F, Two IFC, 10, Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Republic of Korea Contact: +82-70-8064-6727
Address 2: Ho chi minh build center BRANCH Address: 5F, 284/41/2 Ly Thuong Kiet Street, Ward 14, District 10, Ho Chi Minh City, Vietnam Contact: +84 28 7300 3103
Country: Korea South
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