South Korea-based Brickmate Co., Ltd announced that it has acquired Freemoa, an IT project matching platform also based in South Korea.

Financial details were not disclosed. Brickmate will acquire a 70% majority stake in Freemoa, which provides IT outsourcing. Brickmate management will join the board of directors of Freemoa and Freemoa founder Han Kyung-won will retain the role of CEO.

Brickmate is an IT services provider and is engaged in various businesses in the B2B software industry.

The company plans to promote process innovation that can solve large-scale development projects at home and abroad in an intra-cross border convergence method. Brickmate also plans to upgrade Freemoa’s existing business model, launch it in markets such as the US and Vietnam and expand its services.

Brickmate CEO Oh Jong-su, said, “The purpose of this M&A is to advance our goal of becoming a ‘digital powerhouse’ with the largest development capacity and resources in Korea. Conversely, it will become the centre of the Borderless Workforce Ecosystem where domestic developers can freely participate in projects around the world.”

Kim Min-wook, co-CEO, said, “By dissolving our global DNA in Freemoa, we are solving the social problem of a shortage of developers throughout the industry with a broader and more impactful solution that is fundamentally differentiated from the existing framework.