South Korean proptech startup Zigbang is acquiring Samsung SDS’ home internet of things (IoT) unit for an undisclosed sum.
Samsung SDS offers products like digital door locks and wall pads that connect to users’ smartphones.
According to TechCrunch, the startup aims to increase its market share by acquiring Samsung SDS’ smart home IoT business. “By combining Zigbang’s residential contents with Samsung [SDS]’ home IoT hardware, we will revolutionise the smart home market,” CEO of Zigbang Sung-woo Ahn said in a statement.