Daum Kakao acquires design house

By Kim Yoo-chul

Daum Kakao said Monday that its investment arm acquired a major stake in Tangram Design House in order to diversify its business portfolio amid the growing importance of Internet of Things (IoT)-related technology.

"K-Venture Group, an investment arm by Daum Kakao, bought a 51 percent stake in Tangram. The acquisition will help it expand business territories into IoT," Daum Kakao said in a statement.

The company, an operator of the nation's top messaging application KakaoTalk, declined to state the amount it spent on the stake.

The acquisition comes after the design house has unveiled "smart rope" ― the workout accessory that has an LED-embedded jump rope that communicates with smartphones.

This is the first active fitness device for Tangram's "smart-gym" platform, which has been designed around creating a user experience to incorporate active workout data.

"Tangram is a venture that has competitiveness in design, development, marketing and planning. The successful launch of smart rope impressed Daum Kakao," Park Ji-hwan, CEO of K-Venture Group, said in the statement.

The design house was established in 2008. Its design was honored by the IF Design Awards, one of the top design awards, for the seventh straight year.

Under the theme of "Connect Everything," Daum Kakao has continued increasing its investment to bolster its presence in IoT technology. K-Venture Group was set up in January with initial capital of 100 billion won.