Uber strengthens its position in the domestic mobility market by acquiring 49% of the equity in T Map Mobility's Uti. This acquisition is expected to be completed early next year after shareholder approval from T Map Mobility, and upon approval, Uber will secure the full equity and operational rights of Uti immediately.
Uber noted on the 20th that it will expand investments for sustainable growth and coexistence in the domestic mobility ecosystem through this acquisition. The total equity being sold by T Map Mobility amounts to 75,678 shares, with the disposal amount reaching approximately 60 billion won. This will provide T Map Mobility with a platform to focus on data-driven new businesses, while Uber gains a further opportunity to expand its influence in the domestic market.
Uber taxi has shown a steep growth trend, with the number of users in the first half of this year increasing by 80% compared to the same period last year. Dom Taylor, Uber's regional head of mobility for Asia-Pacific, said, "We will focus on establishing ourselves as a trusted partner in the Korean market and providing enhanced services to both users and drivers."
Over the past three years, Uber has been combining optimized mapping technology and innovative platforms for domestic consumers through collaboration with T Map Mobility. In the future, Uber plans to further enhance its technological infrastructure and safety features, strengthen service quality, and provide a more differentiated experience for consumers and drivers.
T Map Mobility is expected to accelerate its transition to a data-driven business utilizing AI technology through this sale. T Map Mobility possesses unique mobility data with over 2.2 billion searches annually, and is enhancing high value-added businesses based on this data, such as the navigation system for completed vehicles, T Map Auto, insurance special contracts linked to driving data, and API services.
A representative from T Map Mobility explained, "This sale is part of SK Square's portfolio value-up strategy, and we plan to focus on areas with high growth potential by combining mobility data with AI technology."
The two companies will continue to collaborate even after this acquisition. Uber and T Map Mobility aim to enhance the competitiveness of the domestic mobility ecosystem by maintaining positive synergies in mapping technology optimized for the Korean terrain and in the data and API sectors.