After gaining approval from CMC shareholders, the investment will back the Vietnamese firm’s goal to cross the $1 billion mark in annual sales by 2023, according to Samsung SDS.

The strategic investment will mark the first case for a Korean ICT company to expand overseas business through stock acquisition, a company spokesperson said.

Representatives of Samsung SDS and CMC, including Samsung SDS CEO Hong Won-pyo (third from left) and CMC Chairman and General Director Nguyen Trung Chinh (fourth from left) pose for a photo on May 25. 
Samsung SDS

“We have secured a strategic partner for business in Vietnam and Southeast Asia,” Samsung SDS CEO Hong Won-pyo said, adding the partnership will support global clients’ digital transformation.

“CMC is now partnering with Samsung SDS, following AT&T, Oracle, SAP and Microsoft,” CMC Chairman and General Director Nguyen Trung Chinh said in a statement. “The strategic ties will hugely contribute to advancing the digital economy globally.”

Samsung SDS did not disclose the amount it will pay for stake acquisition.

This comes almost a year after Samsung SDS and CMC sealed an agreement to cooperate in businesses related to smart factories and cybersecurity in June 2018.

Based in Hanoi with some 3,000 employees, CMC is devoted to system integration, software development, cloud computing and IT infrastructure.

Source: http://www.theinvestor.co.kr/view.php?ud=20190527000487