August 07, 2000 in Social Responsibility News

SAMSUNG SDS Forges an Strategic Alliance with Samil Accounting Corporation for Investment in Venture Firms

A leading domestic IT company and a major accounting firm go on a joint exploration. Samil Accounting Corp. and Samsung SDS announced on August 7th that they signed a memorandum of understanding (MOU) to form a strategic alliance for investment in venture firms and for sharing their management experiences and skill. Under the alliance, the two companies will cooperate to assess dotcom firms for selecting ones worth investing in, to provide management consulting to incubating venture firms and the selected companies which go public, and to recommend solid venture firms to each other. With the partnership, Samsung SDS will be responsible for evaluating technologies of venture firms, providing technical consulting and assessing the value of companies based on IT technology evaluation. Meanwhile, Samil Accounting Corp. will be in charge of all the necessary financial and management consulting from consulting on development of a profit-making model to accounting consulting to listing-related work. "Through evaluation of each venture firm, we will minimize the risk of investing in companies with uncertain business," said an official of Samsung SDS. "The joint evaluation system by the two companies will present a new model for management consulting, which meets the needs of the Digital era, by adding IT technology evaluation to the existing company assessment process of accounting inspection." This strategic partnership is meaningful in that it marks the first time for a leading system integrator (Samsung SDS) and a major accounting firm (Samil Accounting Corp.) to join forces. The cooperation between the two companies is designed to develop standards and information for discerning promising venture firms from ones with vague profit-making models, nurturing genuine venture companies. Samil Accounting Corp. operates a special department for venture firms, which was established in 1998 and is composed of 10 certified public accountants (CPA), providing the full range of consulting services including venture incubator service.


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