Virtual asset investment corporation BitMEX announced on the 14th that it will merge with its subsidiary IL4U.
This merger will be conducted by BitMEX absorbing IL4U, in which it holds 100% equity, at a 1 to 0 ratio without issuing new shares. IL4U is a corporation engaged in the construction and operation of information systems in the fields of manufacturing (MES), development (PLM), and management (MIS), recording a revenue of 27.4 billion won last year.
IL4U has been selected as a top partner of Samsung SDS and has gained technological recognition by collaborating with leading domestic and international corporations such as Samsung Electronics, SK C&C, and Siemens over a long period. Last January, BitMEX acquired 100% equity, incorporating it as a subsidiary.
BitMEX plans to actively promote new business ventures by combining its newly launched virtual asset investment business with IL4U's capabilities in IT system construction. Additionally, it expects to secure additional clients and increase revenue by leveraging IL4U's network with large corporations and global enterprises.
A BitMEX official said, "This year, IL4U's projected revenue is 35 billion won, with operating profit at about 1 billion won, and the merger is expected to enhance management efficiency," adding, "In the future, by combining BitMEX's capital strength with IL4U's technological capabilities, we will lead sustainable growth through more proactive sales strategies and new business expansions."