이 기사는 2021년 06월 07일 07:52 thebell 에 표출된 기사입니다.

ADT Caps, the security services arm of SK Telecom, has announced a change to its structure for the first time after its merge with SK Infosec, as the company seeks to further expand its business ahead of an initial public offering.

The South Korean company announced on Tuesday that it had created a new division focused on cloud security services. Park Jin-hyo, chief executive of ADT Caps, said that the structural change was aimed at expanding into new business areas beyond simply combining ADT Caps’ physical security services and SK Infosec’s information security services.

ADT Caps is well positioned to benefit from the rapid growth of the cloud market, compared to its competitors that are mostly specializing in physical security only. The market for comprehensive building security solutions is another area that ADT Caps sets its sights on.

The company is ramping up efforts to expand its business as it prepares for an IPO, with a target of listing in 2022. It recently issued a request for proposals to hire underwriters.

Analysts think Kospi-listed S-1 Corporation can be included in the peer group to estimate ADT Cap’s value as the two companies are in the same sector and similar in terms of the size of assets. S-1 Corporation had a market capitalization of around 3 trillion won ($2.7 billion) as of Friday’s closing.

But ADT Caps said it does not consider S-1 Corporation as its comparable peer because ADT Caps provides both physical and information security services whereas S-1 Corporation focuses on physical security. After the merger with SK Infosec in March, information security services are understood to account for nearly 40% of ADT Cap’s total revenue.

“We are the only security company in South Korea that offers both physical and information security protection, and will continue to expand into new business areas including cloud security,” an ADT Caps representative said, adding that the company is targeting a valuation of 6 trillion won. (Reporting by Pil-woo Choi)