Kakao to spinoff core biz to strengthen AI capabilities
Korea's Kakao Corp. said Friday it plans to split its major businesses, including its popular messenger service KakaoTalk, into two entities as part of efforts to strengthen its artificial intelligence (AI) capabilities. The plan to split the company into KakaoAI and KakaoX was approved at a board meeting, the company said in a regulatory filing. Kakao plans to complete the spinoff by Jan. 1 next…
South Korea's Kakao Corp. announced plans to split its major businesses into two separate entities to bolster its artificial intelligence (AI) capabilities, according to a regulatory filing. The company intends to create two new divisions: KakaoAI and KakaoX. The split is expected to be finalized by January 1, 2024, with the rebranding of KakaoAI for public listing on January 27, 2024.
KakaoAI will oversee the popular messenger app KakaoTalk, with the objective of transforming the company into an AI core entity by integrating AI technologies with advertising and commerce. KakaoX will serve as the investment arm for future growth engines, retaining the company's mobile payment services, mobility platform, and entertainment affiliates.
The newly formed KakaoAI is set to generate over 6 trillion won ($4.3 billion) in sales by 2030 under the leadership of CEO Chung Shin-a.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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