A South Korean Proptech Company Acquires Samsung SDS’ Smart Home IoT Division
Zigbang, a South Korean proptech startup that provides real estate transactions service, announced on Thursday that it will acquire Samsung SDS’ home internet of things (IoT) unit to make a foray into the smart home industry.
Samsung SDS sells the smart home IoT division, which is the only B2C business Samsung SDS has, in order to focus on its B2B. Its main products include digital door locks and wall pads that connect to users’ smartphones. In 2016, Samsung SDS tried to sell the smart home IoT unit to Ireland-based company Allegion but couldn’t reach an agreement, as reported.
IoT is not an easy business because the margins are thin at best, so one player that wants to be in it for the long term is scooping up its rivals in a bid for more economies of scale.
