This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:05 p.m. on June 23, 2026.
KOSDAQ-listed INNOAX made about double its profit roughly a year after investing in AI specialist AgileSoDA. It had initially made a strategic investment to expand its business and even consolidated the company as an associate, but sold part of its equity as NongHyup Bank moved to acquire AgileSoDA. The company said it will maintain its business partnership with AgileSoDA regardless of the equity sale.
According to the Financial Supervisory Service's electronic disclosure system on the 23rd, INNOAX on the 22nd signed a contract to sell 952,925 shares of AgileSoDA to NongHyup Bank for 6.7 billion won. It recouped part of its investment about a year after executing the deal in July last year.
In July last year, INNOAX invested a total of 8 billion won in AgileSoDA, including 5 billion won in convertible bonds (CB) and 3 billion won in existing shares. With that investment, AgileSoDA was consolidated as an associate of INNOAX, followed by financial support including lending. INNOAX executed a strategic investment in AgileSoDA, which has an agentic AI platform, with plans to strengthen technology and expand its service business.
However, with NongHyup Bank making a surprise appearance as the acquirer of AgileSoDA, the outcome leaned more toward investment returns than business expansion. NongHyup Bank is pursuing the acquisition of AgileSoDA and its inclusion as a subsidiary to build a stable AI development structure. To include AgileSoDA as a subsidiary, more than 50% equity must be secured, making the equity held by INNOAX necessary.
An INNOAX official said, "The sale was carried out to cooperate in securing the necessary equity as NongHyup Bank decided to include AgileSoDA as a subsidiary," adding, "INNOAX remains a major shareholder of AgileSoDA, and there will be no change in the business partnership."
INNOAX sold about 83% of the roughly 1.14 million AgileSoDA shares it invested in last year, logging an estimated profit of 4 billion won. Considering the purchase price, it effectively achieved double the profit in one year.
Considering the value of the CB investment, the realizable investment revenue is expected to increase further. The conversion price of AgileSoDA CBs held by INNOAX is 5,247 won, about 20% cheaper than the approximately 7,000 won per share in this secondary share sale. This creates an environment where it can acquire additional AgileSoDA equity on favorable terms.
However, as NongHyup Bank pursues inclusion of AgileSoDA as a subsidiary, an exit through an initial public offering (IPO) appears unlikely. When investing in AgileSoDA CBs, INNOAX attached a condition guaranteeing an 8% early redemption yield if an IPO was not completed within two years or if additional investment was not secured. This condition was resolved as AgileSoDA attracted investment from NongHyup Bank.
INNOAX is also seen as likely to convert the CBs into shares for future business cooperation. Excluding the CB holdings, INNOAX's equity in AgileSoDA remains around 2%. An INNOAX official said, "No plans have been set yet regarding the CBs."