Park Dae-yeon, chairman of Tmax Group, has completely relinquished management control by transferring all of his equity in TmaxData to the Stick Investment and Cactus Private Equity consortium. Tmax Group plans to restructure its business around Tmax A&C.
According to industry sources on the 11th, Chairman Park and related parties donated 22.4% of their equity in TmaxData to the Stick and Cactus consortium. The consortium, which previously held 72% of TmaxData, secured a 94% stake through this donation, establishing a sole management system. At the same time, Chairman Park released a pledge set on a portion of his equity in Tmax A&C, removing obstacles to attracting investment.
The sale of TmaxData is seen as a measure to improve the financial structure of Tmax A&C. Tmax A&C, which is responsible for new businesses such as cloud services, artificial intelligence (AI), and the metaverse, has made the development of a 'super app' a core project. However, it has been facing difficulties, including payment delays due to recent financial deterioration and employee attrition.
With this sale, the Stick and Cactus consortium has strengthened its control over TmaxData, which includes TmaxSoft and TmaxTibero. These two companies are core affiliates that generate stable cash flow, and the consortium plans to recover its investment through future initial public offerings (IPOs) and other means.