Cully has acquired the artificial intelligence (AI) solutions company 1Z LABS to accelerate its AI transformation (AX).
Cully announced on June 1 that it has decided to exchange shares with 1Z LABS to enhance its business competitiveness and operational efficiency through AI technology. The share exchange ratio for common stock between Cully and 1Z LABS is set at 1 to 1.8437990. To facilitate this, Cully will issue 453,518 new common shares.
The share exchange date is scheduled for August 4. Following this, 1Z LABS will remain a wholly-owned subsidiary of Cully.
Through this acquisition, Cully plans to expedite its efforts in automating operations and enhancing services based on AI.
Cully is currently strengthening its AX capabilities across the organization. The company is working to integrate AI into its services, establish an AI governance framework, and identify new business opportunities and services based on AI.
Cully and 1Z LABS are jointly developing creative AI, AI customer service (AICS), and an in-house advertising system to improve operational efficiency. Among these, AICS has been applied to Cully's one-on-one inquiries, with AI handling about 40% of customer inquiries, including cancellations and returns.
To enhance AX execution, Cully has appointed Kwak Geun-bong, CEO of 1Z LABS, as the head of Cully's AX Center. A Cully representative stated, "Once 1Z LABS is fully integrated as a subsidiary, swift decision-making and close collaboration will allow us to advance our current AX action plan more rapidly."
Cully CEO Kim Seul-ah emphasized, "We aim to lead innovation in the e-commerce market by combining commerce with AI technology."
In the first quarter, Cully reported an operating profit of 24.2 billion won, a 1,277% increase compared to the same period last year. This figure represents 1.9 times last year's total operating profit. During the same period, sales rose by 28.4% to 745.7 billion won.
* This article has been translated by AI.
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