YANOLJA, South Korea’s leading travel and leisure platform, has signed an agreement to acquire the business division of Interpark, one of the country’s earliest e-commerce marketplaces.
Both companies signed an MOU on the acquisition of 70% of stake in Interpark’s business division which comprises travel, performance tickets, shopping, and books for KRW 294 billion (approximately US$248 million).
This acquisition gives Yanolja to fuel its declared global expansion after it raised US$1.7 billion in July.
With this acquisition, the two companies will proactively cooperate to strengthen their positions in both the domestic and overseas travel industry.
In a statement published in Korea Herald, it said, “The international tourism market has been dominated by foreign platforms. The acquisition will see Yanolja enter the market as a South Korea company.”
Yanolja has been expanding its global business with SaaS (Software as a Service) technology. Through this acquisition, Yanolja is expected to provide differentiated customer experience by connecting to global travel platform companies with SaaS.
“With this acquisition, we are able to secure a growth engine that supports to step up in global travel industry, proactively responding the overseas travel demands,” Yanolja said. “We will contribute to support the global travel industry qualitatively and quantitatively with securement of global SaaS tech leadership.”
• Yanolja’s CEO Jongyoon Kim will be speaking at WiT Experience Singapore 2021 next week.
• Featured image credit: Starfield Library, COEX Mall, Seoul.
