BrandWikiReturn

LG CNS

LG CNS Co., Ltd. is a South Korean technology company offering services in artificial intelligence, cloud computing and system integration.

History

LG CNS was founded in 1987 as System Technology Management (STM), a 50:50 joint venture between LG and Electronic Data Systems. In 1995, the company was renamed LG-EDS System as part of LG Group's corporate identity integration project. After LG acquired all of EDS's shares, the company changed its name to LG CNS in January 2002.[1][2]

In 2019, LG sold a 35% stake in LG CNS to Macquarie Group for 1 trillion won (US$865 million). This sale occurred amid growing criticism of South Korea's chaebols for allegedly benefiting founding families by over-relying on outsourcing contracts and directing work to subsidiaries and affiliates.[3][4] Macquarie acquired the stake in LG CNS with the condition that LG would list the company by April 2025. As a result, LG CNS debuted on the market in February 2025.[5][6]

See also

External links

References

  1. John Kang. LG's IT Services Affiliate Slumps In Seoul Debut After $825 Million IPO Forbes, February 5, 2025^
  2. Benjamin Kok Siew Gan, Jae Kyu Lee, Vijay Sethi. Premier E-business Cases from Asia Problem, Solution, Challenge, Impact Approach Pearson Prentice Hall, 2007^
  3. Heekyong Yang, Hyunjoo Jin. South Korea's LG picks Macquarie Asset as preferred bidder for stake in IT unit Reuters, November 6, 2019^
  4. Byung-yeul Baek. LG Group moving to reduce intra-group dealings The Korea Times, November 19, 2018^
  5. Scott Murdoch, Joyce Lee. Tokyo tech IPO soars but Seoul deal tanks 10% in volatile Asian markets Reuters, February 5, 2025^
  6. Hyun-woo Nam. LG CNS seeks $5.9 bil. IPO, aims for early 2025 listing The Korea Times, October 6, 2024^