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Press Release
The two companies will invest in and support venture companies involved in the wireless Internet.
The focus will be on new business development as well as joint R&D and arketing activities.
SK Telecom President Pyo moon-soo and Hewlett-Packard Korea President Choi Choon-keun signed and exchanged contracts to form a US $10 million joint venture fund, in a ceremony held on the 35th floor conference room of the SK Telecom Head Office on June 12. According to the agreement, SK Telecom and Hewlett-Packard of the US will each contribute US$5 million to promote such businesses as mobile payment and global positioning data services. To this end, the companies will invest in and support venture companies (both Korean and non-Korean) that possess core technology in the wireless Internet area.
SKT and HP also plan to provide additional support for these joint ventures in the form of R&D, joint technology development and testing, and marketing activities. In so doing, the two partners expect to stimulate development of the wireless Internet market.
The joint venture fund is not intended for short-term results or capital gains. Rather, it is seen as the focal point for expanding collaboration in areas of interest to both SKT and HP. They have agreed to use the fund to strengthen their cooperative ties by concentrating on the wireless Internet when breaking into new business lines in overseas markets.
A spokesperson for both SKT and HP said, ?These two world-class companies are prominent in the areas of mobile communications and the Internet. This fund is a starting point for combining their strengths in mobile communications and wireless Internet solutions and services, uncovering new business opportunities, and engaging in joint R&D and marketing projects.
SK Telecom President Pyo visited Hewlett-Packard Chairman Carly Fiorina at the HP Head Office in Palo Alto last February 16 and exchanged MOUs to establish this joint venture fund.
SKT and HP also plan to provide additional support for these joint ventures in the form of R&D, joint technology development and testing, and marketing activities. In so doing, the two partners expect to stimulate development of the wireless Internet market.
The joint venture fund is not intended for short-term results or capital gains. Rather, it is seen as the focal point for expanding collaboration in areas of interest to both SKT and HP. They have agreed to use the fund to strengthen their cooperative ties by concentrating on the wireless Internet when breaking into new business lines in overseas markets.
A spokesperson for both SKT and HP said, ?These two world-class companies are prominent in the areas of mobile communications and the Internet. This fund is a starting point for combining their strengths in mobile communications and wireless Internet solutions and services, uncovering new business opportunities, and engaging in joint R&D and marketing projects.
SK Telecom President Pyo visited Hewlett-Packard Chairman Carly Fiorina at the HP Head Office in Palo Alto last February 16 and exchanged MOUs to establish this joint venture fund.