Stockholm: EQT, a Swedish private equity fund, announced it has entered into a share purchase agreement to acquire a significant stake in a South Korean software company, pending necessary government approvals. The fund has agreed to purchase a 34.8 percent stake in Duozone Bizon Co. for approximately US$930 million. This stake includes the entire 23.2 percent held by Duozone’s Chairman Kim Young-woo and the 14.4 percent owned by affiliates of Shinhan Financial Group.

According to Yonhap News Agency, the completion of this acquisition is contingent upon receiving government approval. Duozone, founded in 1991, is known for developing enterprise software solutions targeted at small and medium-sized enterprises in South Korea. The company also owns The Electronic Times, an IT-focused media outlet.

EQT stated that this transaction aligns with its strategy for long-term value creation in South Korea. The fund emphasized its commitment to prioritizing internal investments and strengthening business operations over short-term profitability following the acquisition. This move follows EQT’s earlier acquisition in August of Remember and Company, the local operator of a popular business card management app.