SK group holding company acquires stake in Microsoft Azure's domestic partner

15, Oct. 2019

SEOUL, AJU - SK C&C, the de facto holding company of the SK Group, South Korea's third-largest conglomerate, has acquired a stake in Cloocus, a domestic cloud managed service provider and cloud partner of Microsoft Azure, to create a multi-cloud ecosystem.

Microsoft Azure is a cloud computing service for building, testing, deploying, and managing applications and services through Microsoft-managed data centers. It supports many different programming languages, tools and frameworks, including both Microsoft-specific and third-party software and systems.

The percentage of the acquired stake was not disclosed, but SK C&C, know as SK Corp., reportedly secured an 18.84 percent stake. SK C&C said it would actively expand the ecosystem of multi-cloud industries that are linked to domestic and foreign cloud businesses while speeding up the creation of successful cases of cloud-based digital innovation across industries.

SK C&C would explore new businesses such as the development of multi-cloud services and the development of artificial intelligence (AI) and big data analysis systems while strengthening partnerships with cloud-specialized companies at home and abroad. The SK Group would introduce could into about 80 percent of its affiliates by 2022.