IMM commits $121m to Korea cloud business

NHN Corp, the parent company of NHN Cloud, disclosed the investment in a regulatory filing. It coincides with Mirae Asset Venture Investment providing an additional KRW 50bn, according to local media.

NHN Cloud spun out as a 100%-owned subsidiary of NHN Corp in April last year. NHN Corp, which primarily focuses on gaming, has been developing cloud systems since 2014.

NHN Cloud’s main business lines include hosting and information data processing using computers and communication devices. Revenue is said to be growing at 30% a year and is forecast to hit KRW 160bn this year. 

The capital will be used for R&D, the development of data centres, and overseas expansion. There will also be an effort to grow and diversify the client base from a focus on public companies to include more private companies.

It extends a string of cloud-related investments for IMM in recent years. In 2018, the VC firm paid KRW 50bn a 40% stake in a cloud services provider developed as a unit of retail-focused conglomerate GS Group. In early 2020, it took an 88.7% stake in Dreamline, a telecoms operator with cloud capacities, for KRW 90bn.

IMM Private Equity paid KRW 24.5bn for a 49% stake in Dreammark1, a data centre operator owned by Dreamline, in 2019.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• North Asia
• Support services
• Media
• Technology
• Early-stage
• South Korea
• IMM Investment
• Mirae Asset Venture Investment
• cloud computing