Seoul: The number of subsidiaries under South Korean IT giant Kakao Corp. fell 30 percent over the past two years, data showed Sunday, amid the company's efforts to streamline its businesses. The operator of South Korea's most popular mobile messenger, KakaoTalk, had 102 subsidiaries as of Sunday, sharply down from 147 in May 2023, according to the data.
According to Yonhap News Agency, the decrease came as Kakao carried out a company-wide reshuffle to focus on its artificial intelligence (AI) business while streamlining non-essential operations. Recently, Kakao Games Corp., the gaming arm of Kakao, completed the process of selling its shares in Neptune Co. to Krafton Inc., after announcing the plan in a regulatory filing in April.
Kakao plans to unveil its latest AI vision during an annual conference scheduled for September, including the launch of an AI platform under a unified brand, Kanana, as well as other related services in collaboration with U.S. tech giant OpenAI.