The Korean Ministry of Information and Communications MIC has seeded two local venture capital firms to invest in information technology MA situations. MIC has put $50 million in two seven-year IT MA funds run by STIC Ventures and KTBnetwork, which are now in the process of raising an additional $25 million each from domestic or foreign investors.
This move may herald a shift in Korea's IT MA industry. The government is keen to see more MA activity, and putting money into such funds is a shot across the bow. It follows streamlining the red tape that surrounds mergers and acquisitions. For example, backdoor listings have always been allowed...
