Product category:
Embedded Software and Operating Systems
News Release from: Esmertec
Edited by the Electronicstalk Editorial
Team on 01 March 2006
Korean partner becomes acquisition
Esmertec has acquired a controlling interest in ESLab, a Korean company offering software services in applications development and integration, quality assurance and testing.
Esmertec has acquired a controlling interest in ESLab, a Korean company offering software services in applications development and integration, quality assurance and testing ESLab, founded in April 2004, operates in Seoul and has been an engineering partner of Esmertec since December 2004, providing software integration and porting services for customer projects
This article was originally published on Electronicstalk on 21 Aug 2002 at 8.00am (UK)
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Alain Blancquart, Chairman and CEO of Esmertec, says: "Esmertec is today one of ESLab's largest customers and we have been very pleased with ESLab's timely delivery of the projects and the quality of their services".
"With the investment in ESLab, we gain a very strong qualified team of software engineering experts to handle our present Korean customers' needs, as well as address the needs of certain software requirements specific to Korea".
"Our partnership with Esmertec has led us to see how ESLab's services complement well Esmertec's software integration needs, and how both companies can benefit from a closer working relationship", states Andy Kim, CEO of ESLab.
"We look forward to be part of Esmertec's renowned global professional services team, delivering customers projects on time and with the highest possible quality".
Esmertec is taking a minority equity stake in ESLab, but with strategic and operational control, for US $80,000, to be paid half in cash and half in restricted Esmertec treasury shares.
Esmertec intends to acquire the remaining interest in ESLab in 2007, for a price which will be based on ESLab's financial performance in 2006.
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