Metanet Tplatform acquires location-based service provider

South Korea's cloud management service provider (MSP) Metanet Tplatform Co. has acquired domestic location-based service provider BlueChip C&S, a move seen as an effort to enhance its corporate value before going public next year.

On July 31, Metanet Tplatform announced the acquisition of BlueChip C&S.

BlueChip C&S provides real-time location information services resistant to tampering and forgery, utilizing domestic communications infrastructure, to financial and public institutions.

These tamper-proof location information services are used in the financial sector for fraud detection and in the insurance industry for emergency dispatch services. They are also applied in vehicle control in the logistics industry and in real-time personalized marketing in the distribution sector.

With this acquisition, Metanet Tplatform plans to diversify its corporate servicess. It aims to develop intelligent transportation systems (ITS) using advanced technology, smart city solutions and location-based personalized marketing.

Metanet Tplatform stated that these services will be combined with its own AI and personal information security technologies.

It has been actively acquiring companies, while preparing for an IPO next year. On July 22, it announced the acquisition of AI specialist Skelter Labs.

Last year, Metanet Tplatform was the only major MSP company to record an operating profit in South Korea. Its revenue last year was 409.9 billion won ($302 million), with an operating profit of 2.5 billion won ($1.84 million).

Write to Dong-jin Hwang at radhwang@hankyung.com