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[Apha Biz=(Chicago) Reporter Paul Lee] Tmax A&C, a key affiliate of Tmax Group, which is suffering from financial difficulties, will receive 50 billion won in operating funds from CACTUS Private Equity (PE), a local private equity fund (PEF) operator.
According to the investment banking (IB) industry on the 28th, CACTUS PE decided to provide 50 billion won to Tmax Group. To that end, the company will raise 30 billion won through its first private equity fund (PDF), Cactus Opportunity Credit Fund.
Tmax A&C was borrowing about 10 billion won in operating funds from its affiliate Tmax Data every month, and Cactus PE was an ally to resolve the financial crisis.
Tmaxsoft recorded sales of 122.4 billion won and operating profit of 58.2 billion won last year, and Tmax Tibero recorded sales of 67 billion won and operating profit of 20.7 billion won. The two affiliates are making nearly 80 billion won in annual profits. Moreover, Tmax Tibero is a database (DB) solution specialist and is increasing its sales thanks to the growth of the cloud market.
Industry insiders say that CACTUS PE will not only support Tmax A&C but also participate in follow-up deals worth KRW 1 trillion when exercising call options in the future. It is estimated that a total of KRW 760 billion will be needed for the call option event alone.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
