STOCKHOLM -- Ericsson (NASDAQ: ERIC) and SK Holdings C&C, headquartered in Seoul, South Korea, have signed a memorandum of understanding (MoU) to develop a global collaborative ICT ecosystem. The agreement was signed on August 12, 2015 by Hans Vestberg, President and CEO, Ericsson, and Park Jung-Ho, CEO, SK Holdings C&C, and initially covers Internet of Things (IoT) platforms, emerging ICT services and convergence security solutions.
Park Jung-ho, CEO, SK Holdings C&C, says: "Drawing from our strength in ICT services and solutions, we will enhance ICT competitiveness and strengthen our presence in global markets by forging partnerships with leading global companies in the areas of IoT, cloud networks and Big Data. We will create a strong collaborative ecosystem with global ICT and solution companies for our global target markets and target industries."
Hans Vestberg, President and CEO, Ericsson, says: "Our IoT platform has opened up great opportunities for businesses across industries. We look forward to working together with SK Holdings C&C to build a strong ICT ecosystem to realize and capture the benefits of the Networked Society."
Under the terms of the MoU, Ericsson and SK Holdings C&C will jointly develop specialized IoT platforms for industry sectors including health care and transportation. These efforts will leverage Ericsson's global experience in delivering industry-leading solutions such as Volvo Cars' Connected Vehicle Cloud and connected container-tracking systems for shipping company Maersk Line.
In addition, the two companies will explore opportunities relating to emerging ICT services such as global disaster recovery and IoT authentication in the Asia Pacific area. A joint task force will be formed to develop business strategies that build on Ericsson's industry-leading network capabilities. Currently, 40 percent of global mobile traffic is carried by Ericsson networks.
The MoU also covers collaboration in the field of convergence security solutions, which are increasingly critical components in industry-grade IoT ecosystems. Ericsson will combine its network security technology with the data security capabilities of SK Holdings C&C's Infosec unit and pursue broad cooperation in areas including convergence security services for global customers.
SK Holdings C&C is a South Korean total IT services provider that was established in 1991. The company offers IT services such as consulting, outsourcing, systems integration, and system maintenance and repair to sectors including finance, communications and media, energy, chemicals, logistics and services, and the public sector. SK Holdings C&C is the holding company of the SK Group, South Korea's third largest conglomerate with over USD 140 billion in revenues in 2012.
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