Seoul, South Korea – Uber, the global ride-sharing giant, announced on [Date] that it will acquire the remaining stake in UT, a joint venture established with SK Square's subsidiary, Tmapmobility. This acquisition will grant Uber full ownership and operational control of UT, solidifying its position in the South Korean market.
UT was initially founded in April 2021 as a 50:50 joint venture between Uber and Tmapmobility. With Tmapmobility selling its 49% stake for approximately 600 million won, the deal is expected to be finalized early next year.
"Uber's taxi service has seen an 80% increase in users year-on-year in the first half of this year, demonstrating rapid growth," said Uber. "This acquisition reflects our commitment to investing further in the South Korean market."
Tmapmobility, on the other hand, will focus on transitioning to a data-centric business model utilizing AI technology, aligning with SK Square's portfolio value-up strategy. "Tmap boasts over 2.2 billion annual searches, making it a leading mobility data platform," said a Tmapmobility official. "By combining AI technology with driving data, we plan to continuously upgrade our mobility services and drive data-centric growth."
Uber and Tmapmobility have agreed to continue collaborating in areas such as mapping technology optimized for the Korean terrain, data, and APIs.
After facing challenges and temporarily halting its operations in South Korea due to the "similar taxi" controversy in 2013, Uber re-entered the market in 2021 in partnership with SK. The company now competes with local players like KakaoT and Tada.
Dom Taylor, Uber's Head of Mobility for the Asia Pacific region, expressed enthusiasm about the acquisition, stating, "We are excited to expand our investment in South Korea, a market with significant growth potential. We will focus on enhancing the user experience and increasing driver earnings to strengthen our position."
With this acquisition, Uber is signaling its long-term commitment to the South Korean market and its ambition to become a dominant player in the country's rapidly evolving mobility landscape.
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