CAMBRIDGE, England, April 17, 2020 /PRNewswire/ -- The proposed expanded partnership between Bango (AIM: BGO), the mobile commerce company, and NHN Corp ("NHN"), South Korean big data business, announced on 3 April 2020, completed on 16 April 2020.
NHN has invested £3.2M into Bango for a 4.7% shareholding. It also invested a further £6.5M for a 60% shareholding in Bango Deep - the Bango subsidiary that owns the Audiens Customer Data Platform business - with Bango retaining 40%. The new shares in Bango were admitted to trading on AIM ("Admission") on 16 April 2020.
By taking a stake in Bango, NHN will benefit from the rapid growth in global mobile commerce, building on the initial data monetization relationship that was announced in October 2019. It underlines the strengthening of the existing partnership, which has enabled Bango and NHN to collaborate to produce Bango payment audiences for the South Korean market. The investment demonstrates NHN's desire expand this into a global partnership with Bango, which will see NHN contributing technology and know-how to accelerate Bango product development and growth.
This investment provides the basis for long-term collaboration between Bango and NHN, with the vision to provide merchants everywhere the data insights that power the global giants of online commerce. NHN brings extensive experience from its payment, entertainment and commerce businesses in South Korea, Japan and elsewhere. These capabilities will enable Bango customers and partners to derive more value from their marketing and monetization investments.
Paul Larbey, Bango at CEO: "The Bango strategy is to become the technology behind every purchase choice, helping our partners to build more profitable and longer-term commercial relationships with their customers. This closer linkage with NHN enables Bango to capitalize on emerging technological and consumer trends and apply more primary research to the continuous development of our payments and data monetization products."
Jinsoo Lee, Director at NHN: "With our experiences and expertise in data for gaming, payment and digital marketing, we empower our customers to innovate by creating and utilizing the most valuable data for their businesses. From these experiences we have learned that teaming up with technology leaders like Bango is crucial for continuing to grow ahead of the market through data-led solutions."
App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive. By bringing businesses together and powering e-commerce with unique data-driven insights, Bango delivers new business opportunities and new dimensions of growth for customers around the world. Being inside the Bango circle means global merchants including Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT) can work together with payment partners from Africa to the Americas, accelerating the performance of everyone on the inside.
Bango. Think inside the circle. For more information, visit www.bango.com.
About NHN Group
NHN headquartered in Seoul, South Korea, operates a wide range of businesses which include financial technology, data and advertising technology, entertainment content and cloud services.
Founded in 1999, it rapidly became a market leader mobile gaming and entertainment. NHN then launched domestic and international payment solutions for both online and retail ecommerce, which has expanded across Asia and into North America. Based on a vast and growing user behavior database, and expertise in user analysis and data modeling, NHN has expanded into data technology and mobile marketing products.
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Paul Larbey, CEO
Ray Anderson, Executive Chair
Carolyn Rand, CFO
Anil Malhotra, CMO