- Acquisition of Shopkick, a US-based mobile commerce company will bolster SK Planet’s
competitive advantage in commerce business
- With its proven track record of successfully operating commerce platform in Korea,
SK Planet will combine its business capabilities with Shopkick’s partner network to provide
mobile-based ‘smart shopping’ and ‘integrated marketing’ services optimized for the US market
- Drive SK planet's international leadership forward in the U.S. and bolster its leadership position
in the global commerce markets
Seoul, Korea, September 27, 2014—SK Planet today announced that it entered into an agreement
to acquire Shopkick (CEO Cyriac Roeding, www.shopkick.com), a leading mobile commerce company
based in Silicon Vallley, U.S.
The acquisition will significantly strengthen SK Planet’s ‘Next Commerce’ business and help
SK Planet secure global market leadership. Next Commerce uses mobile to connect the online
and offline worlds in the commerce market where the walls between online and offline channels
are rapidly dissolving.
Following the launch of its integrated commerce brand ‘Syrup’ and its ‘Next Commerce’ strategy in June,
the acquisition of Shopkick will accelerate SK Planet’s plan to build a commerce ecosystem that connects
Korea and the U.S.
Shopkick is a mobile commerce company founded in 2009 at Redwood City, California, that utilizes
its own technology to bridge the worlds of mobile and physical retail, delivering the ultimate shopping
experience to its users.
Shopkick was rated the most-used shopping app in the U.S. in 2012. Based on its innovative
business structure and outstanding talent pool, Shopkick has built the Industry’s largest network of
partners in just five years after launch.
Shopkick has partnered with retail giants like America's Largest Department Store Macy’s, Best Buy,
Target, and American Eagle, delivering a unique shopping experience to users at more than 12,000 stores;
and joined hands with 150 global brands like P&G, Unilever, Coca-Cola, L’Oreal to make shopping
experience even better by offering product information and discount coupons.
US market offers a favorable environment for introducing innovative services as it has an advanced
ICT infrastructure and high user acceptance of new technology and service. SK Planet explained that
along with Korea, U.S. market will be a strategic foothold for furthering its international expansion strategy.
Smartphone penetration in the U.S. has risen to 160 million last year with mobile commerce market valued
at KRW 42.97 trillion. Mobile players operating in Silicon Valley and other strategic locations are in fierce
competition for market shares in the areas of big data and Internet of Things (IoT), not to mention social
commerce, digital coupon, and mobile payment.
The acquisition will bring together best of both companies. SK Planet has the proven track record of
successfully operating commerce platform in Korea. SK Planet’s expertise and technology will be combine
d with Shopkick’s talented global team and partner network to provide Next Commerce services optimized
for the US market.
By leveraging the synergies between the two companies, SK Planet aims to secure a leading position
in the Korean and U.S. commerce market and become a leader in the global commerce market.
“We took into account of the rapidly changing market and competitive environment as well as the strategic
importance of the U.S. market and decided to acquire Shopkick. I’m confident that the acquisition will make
us a strong competitor and strengthen our position in the U.S. market,” said Jinwoo So, CEO of SK Planet.
“We will leverage our platform business capabilities in OK Cashbag, Syrup, and Gifticon to drive mobile
commerce innovation in the U.S. market.”
