Domestic artificial intelligence (AI) developer Upstage is acquiring the portal “Daum.”
Kakao, the parent company of AXZ, and Upstage each held board meetings on the 29th and approved the signing of a memorandum of understanding (MOU) for a share-swap transaction. Kakao will transfer its stake in AXZ to Upstage, and Kakao will acquire a portion of Upstage’s shares. AXZ is currently a wholly owned subsidiary of Kakao.
According to the information technology (IT) industry, the share swap was reportedly first proposed to Kakao by Upstage. Upstage is currently expanding its business with the development of its large language model (LLM) “Solar.” Upstage plans to build a next-generation AI platform by combining Solar with the Daum service. In addition, it intends to further advance Solar by leveraging the vast volume of data accumulated by Daum. Upstage is also participating in the government-led “independent AI foundation model” project.
Kim Sung-hoon, CEO of Upstage, stated, “If Upstage’s AI technology is combined with Daum, which has a nationwide user base, it will create an environment where more users can utilize AI easily and naturally.”
Yang Ju-il, CEO of AXZ, also said, “Through synergies between the two companies, it will be possible to rapidly introduce new AI services.”
Choi Ji-won
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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