Tmax A&C announced on the 5th that it has decided to sell its subsidiary Tmax Cloud's 'Cloud Virtualization Solution Division (Cloud IaaS CIC)' to resolve its financial difficulties and secure financial soundness.
The funds secured from selling the 'Cloud Virtualization Solution Division (Cloud IaaS CIC)' of Tmax Cloud to the newly established company 'iA Cloud' will be used for wage payments and securing operational funds in the future. This sale is interpreted as a signal for Tmax A&C, which has been facing difficulties since the second half of last year, to overcome its financial crisis and lay the groundwork for normalizing its business.
Under the leadership of founder Park Dae-yeon, who is focusing on the super app, Tmax A&C was completely separated from Tmax Data, which includes Tmax Soft and Tmax T-Bero, in December last year. Chairman Park reclaimed Tmax Soft through a call option exercise in September last year, but due to the aftermath of being unable to pay employee salaries and the departure of key personnel, he sold the strategic stake in Tmax Data and withdrew from management rights. This has organized the collateral relationships to alleviate Tmax A&C's financial difficulties.
Tmax A&C is a company engaged in super app business based on artificial intelligence, cloud, and no-code, which is derived from the initials of ▲AI ▲No-Code ▲Cloud. It was newly established through complete separation from the existing data group of Tmax Group (including Tmax Soft and Tmax T-Bero) in December last year to enhance management efficiency and strengthen its competitive edge.
A Tmax A&C official noted, "This decision is significant in that it has laid the groundwork for overcoming the current financial crisis and establishing a foundation for sustainable growth of the company," adding, "We will create a more stable management environment and focus on our core business."