A new report by the Financial Supervisory Service shows that aggressive mergers and acquisitions are helping Samsung boost business overseas. The company has reportedly added eight new overseas subsidiaries in 2015 by either acquiring substantial stakes or setting up new companies. The total number of subsidiaries is said to have reached 159 last year with only six based in the United States and the rest across Asia.
The expansion comes at a time when Samsung is trying to discover next growth engines to reduce reliance on traditionally strong businesses like smartphones or appliances which are increasingly coming under pressure now. The subsidiaries it picked up last year include LoopPay which provided technology that’s integral to Samsung Pay, a printing service company called Simpress as well as a semiconductor technology company called Future Technology & Service. A spokesman for the company said that Samsung has been aggressive in finding new revenue sources over the past few years. “The latest move is also part of our efforts to expand our presence into untapped yet promising areas such as the Internet of Things (IoT).”
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