- HANCOM will be the exclusive distributor of FACEPHI products in Asia.
- This Investment and Collaboration Agreement will boost both enterprises’ international growth potential.
[Alicante, 25/03/24] – In a significant step towards future growth and international expansion, Spanish tech company Facephi and the Korean conglomerate Hancom Group have announced plans to enter into an agreement encompassing, on one hand, an investment of five million euros in the Alicante-based listed company and, on the other, an exclusive distribution agreement for Facephi’s products in the APAC (Asia-Pacific) region.
The binding Memorandum of Agreement (MOA), understood as a first step towards a final agreement, was signed in Barcelona on 21 March and stipulates a number of key milestones that demonstrate the two companies’ mutual commitment to growth and collaboration.
The core of the future agreement is embodied in the strategic investment by the Korean group through a five-million-euro capital increase at a price of 2.95 euros per share.
The Exclusive Collaboration Agreement – under which Facephi will grant Hancom the exclusive right and license to use the former’s technology in the prosperous APAC countries, thus consolidating its presence in the region – is another of the many synergies deriving from the MOA. Hancom will also obtain the exclusive right to sell and distribute, in the same region, all products developed by Facephi.
Furthermore, the Agreement includes a royalty arrangement under which Hancom will pay Facephi licensing fees pegged to the operating profit from said sale and distribution.
This agreement represents an exciting step forward for both companies, strengthening their position in the competitive global technology market and opening new growth opportunities. The final agreement is expected to be closed in the coming months subject to regulatory approvals and negotiation of the usual closing conditions.
About the Hancom Group:
The Hancom Group is one of Korea’s leading software conglomerates and is known for its broad scope and leadership in various hi-tech sectors such as AI, SaaS, electronic documents, aerospace, healthcare, education, and leisure amongst which 3 companies are listed in Korea Exchange Market. Hancom Group is now constantly expanding its presence globally and vertically through strategic investments and mergers & acquisitions, and partnerships with international enterprises to strengthen its global technological competitiveness.
