Kurly is acquiring AI solution specialist 1G Labs and moving to strengthen its AI-based business competitiveness.
Kurly disclosed on the 1st that it decided on a small-scale stock exchange with 1G Labs to pursue an AI transformation (AX) for AI technology development and service advancement.
The stock exchange ratio is 1 to 1.8437990 for common shares. Kurly plans to issue 453,518 new common shares for the exchange. The exchange date is Aug. 4, after which 1G Labs will be incorporated as a 100% subsidiary of Kurly.
Kurly is pushing to transition into an AI-native corporations by strengthening companywide AX capabilities. It is pursuing key tasks such as establishing the use of AI across services, building an AI governance framework, and discovering new AI-based businesses and services.
The two sides are currently co-developing creative AI, AI customer service (AICS), and in-housing an ad system (DSP). Creative AI is characterized by AI supporting repetitive tasks such as creating ad banners and product introduction images. AICS is used for responding to customer inquiries and processing cancellations and returns, and AI currently handles about 40% of inquiries received the same day.
Along with the acquisition of 1G Labs, Kurly appointed Gwak Geun-bong, head of 1G Labs, as head of the AX Center. The AX Center is the organization overseeing the introduction and use of AI technology within Kurly. Gwak will lead both 1G Labs and the AX Center to drive the in-housing and advancement of AI technology.
Kim Seul-a, CEO of Kurly, said, "We plan to maximize AX synergy and rapidly in-house AI capabilities through the acquisition of 1G Labs," adding, "By combining commerce and AI technology, we will become a corporations leading innovation in the e-commerce market."