Zigbang Smart Lock
Zigbang finalized the acquisition of Samsung SDS’s home internet of things (IoT) unit, according to the company on Thursday. [ZIGBANG]
Zigbang finalized its acquisition of Samsung SDS’s home internet of things (IoT) unit, the company said on Thursday.
The company has created a smart home business division that will develop and sell smart home products such as door locks, wall pads and lobby phones previously sold by Samsung SDS.
According to Zigbang, the home IoT unit had an average of 100 billion won ($76.8 million) in annual sales.
Zigbang will be focusing on developing and selling the Samsung door lock, wall pad and lobby phone. [ZIGBANG]
Zigbang hopes to increase its market share by selling products that are already popular in the smart home market.
The Push-Pull Smart Doorlock first introduced in 2004 has the largest market share in Korea’s digital door lock market. The Samsung wall pad is another product very popular with construction companies since Samsung announced its Smart Home Service in 2015.
A new lobby phone is expected to be released with additional functions.
To expand globally, the company plans to concentrate on online channels. It also aims to grow its business in China and expand to new markets abroad.
Employees of Zigbang’s new smart home business division will start working at the company’s virtual office space Soma starting Thursday.
“We are delighted to announce that Zigbang has been able to make its first step to the smart home business with Samsung’s door lock, wall pad and lobby phone,” said Ahn Sung-woo, CEO of Zigbang. “We will gradually strengthen the company’s identity in the smart home business.”