이 기사는 2020년 05월 12일 08:00 thebell 에 표출된 기사입니다.

The sale process of Insung Data, an operator of South Korea’s food delivery service provider Saenggakdaero, is likely to accelerate.

NH Investment & Securities, which is leading the sale process, is preparing an information memorandum (IM), sources familiar with the matter said on May 7. “The sale process has been tardy as Insung Data is located in Daegu, the nation's worst virus-hit region,” an investment banking source said. The source added that the sale process is likely to pick up steam as soon as the IM is available.

Up for sale is the entire stake owned by Hwang In-hyuk, founder and CEO of Insung Data. According to the firm’s audit report last year, Hwang holds a 81.22 percent stake in the company. The remaining stake is held by KDB Capital (2.59 percent), Soo Delivery Platform Growth fund (10.52 percent redeemable convertible preference shares), Shinhan Capital-Soo Investment youth startup venture fund (0.25 percent RCPS). Shares held by the investors are also likely to be put up for sale.

Market observers expect the sale of Insung Data to draw keen attention as the rapid growth of the delivery service market is expected to increase the likelihood of the completion of the deal. The company also has established a strong presence in the software industry. Insung Data develops and provides software used in the logistics and transportation industry, such as taxi, quick service and chauffer service. The annual transaction volume via the company’s programs is reportedly over one trillion won.

“NH Investment & Securities is contacting several potential buyers and companies with interest in the logistics industry are reportedly showing interest in the Insung Data acquisition,” an IB industry source said.

Insung Data recorded sales of 35.3 billion won in 2019, up 62.1 percent compared to a year ago. The company’s operating profit decreased by 22.8 percent while net income increased by 44.6 percent over the same period.

The company spent approximately 5.8 billion won on salaries for employees in 2019, up 81.3 percent compared to the previous year, which is likely to be due to the increase in the number of employees. Insung Data is also financially sound, with the firm maintaining zero borrowing since its establishment. It had a net cash of 29.6 billion won last year.

Insung Data split off its motorcycle lease business and established BikeBank last year. BikeBank recorded sales of 7.1 billion won and a net loss of 1.8 billion won in 2019.

(By reporter Kim Byung-yoon)