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Press Release
The fund will be used to invest in venture companies with core technology.
This is the second such fund between SK Telecom and a major global player.
SK Telecom President Pyo moon-soo and Qualcomm Chairman & CEO Erwin M. Jacobs signed and exchanged contracts to form a US$10 million joint venture fund, in a ceremony held in San Diego on July 6. Each partner will contribute US$5 million, which will be used to invest in venture companies involved in CDMA technology, including cdma2000-1x EV-DO (HDR).
The focus of the joint venture fund will be on core areas that both partners need to acquire for strategic reasons and on technology that stands a strong change of being selected as the global standard. The targets for investment will be both Korean and non-Korean venture companies, helping both SK Telecom and Qualcomm to expand into overseas markets.
On June 18, SK Telecom and Qualcomm concluded an MOU to cooperate in personnel exchanges and technology related to cdma2000-1x EV-DO. The companies have agreed to commercialize cdma2000-1x EV-DO service, which is at least ten times faster than cdma2000-1x technology, by May of next year, in advance of the World Cup.
Meanwhile, SK Telecom formed a similar joint venture fund with Hewlett-Packard on June. 11. These tie-ups with major global players are part of SK Telecom?s globalization effort.
The focus of the joint venture fund will be on core areas that both partners need to acquire for strategic reasons and on technology that stands a strong change of being selected as the global standard. The targets for investment will be both Korean and non-Korean venture companies, helping both SK Telecom and Qualcomm to expand into overseas markets.
On June 18, SK Telecom and Qualcomm concluded an MOU to cooperate in personnel exchanges and technology related to cdma2000-1x EV-DO. The companies have agreed to commercialize cdma2000-1x EV-DO service, which is at least ten times faster than cdma2000-1x technology, by May of next year, in advance of the World Cup.
Meanwhile, SK Telecom formed a similar joint venture fund with Hewlett-Packard on June. 11. These tie-ups with major global players are part of SK Telecom?s globalization effort.