IGLOO SECURITY, Establishes 1st In-house Venture
IGLOO SECURITY, INC.
Establishes 1st In-house Venture
[May 22, 2014] IGLOO SECURITY (CEO: Deuk-choon Lee), a next generation managed security service provider, announced the establishment of its first in-house venture.
IGLOO SECURITY has been pursuing a sustainable growth through the development of new products, market development and M&A. The in-house venture was initiated as a part of the company’s sustainable growth strategies. Although IGLOO SECURITY has introduced a task force unit, but the in-house venture is anunprecedented initiative, and also differs from the task force unit, in that it strictly aims to develop new businesses including non-security businesses.
IGLOO SECURITY has collected various ideas for the company’s next businesses by launching a company-wide idea contest in the first half of 2013. The collected ideas were reviewed and On June 2013, through feasibility review and presentations, the idea submitted by Hee-jun Park, from marketing division was selected as the final idea.
On August 2013, a new business TF was launched under leadership of Park and got new hires including marketers, engineers, visualization experts, etc. Through a regular general meeting on March 2014, new business categories including e-commerce and advertisement were agreed upon. More recently, the new task force team was promoted to a new official in-house venture, and the venture was registered as “COVA” as an official affiliate of Igloo Security, at a separate business location.
Since its foundation, COVA has planned various new businesses and undertook diverse business activities for the new businesses, including platform development, investment attraction, and partnership. The new venture company is expecting a new M&A platform service launch on July, based on contracts with foreign investors and M&A experts.
‘Global M&A Platform Service’is designed to provide authorized members (e.g. international M&A experts, private equity funds, business advisory experts, etc.) with information on Korean blue chip SMBs and international investors interested in Korean M&A market. The service provides approximately 300 news feeds on the local M&A market on a daily basis, helping local SMBs and foreign venture companies to attract investments from international and Korean venture capitals.
Deuk-choon Lee, CEO of IGLOO SECURITY, said “Igloo Security is now one of the top Korean security service providers but in the beginning it was just a venture company full of spirits and challenges.” He added, “As a foregoer, IGLOO SECURITY will provide active support to young talented people so that they can overcome the economic recession and depression in IT industry, and formulate creative challenges.”
COVA’s official service website is expected to be made public on July with some new business models other than the M&A platform service.