Dawin Technology Inc. (KOSDAQ:A077280) agreed to acquire GMD System Inc. from Hyun-Soo Kim, Kyung-Doo Lee and other individuals for KRW 9.1 billion on January 29, 2015. As consideration, Dawin Technology will pay KRW 7.24 billion in cash and will issue 0.6 million shares to acquire 0.6 million shares of GMD System Inc. Under the terms of the transaction, Kyung-Doo Lee will sell 63.99% and Kyung-Doo will sell 17.01% stake in GMD System Inc. The payment schedule has been set at KRW 135.6 million and 0.18 million shares to be paid on January 30, 2015 and the balance of KRW 7.11 billion and issuance of 0.42 million shares to be paid on February 5, 2015.

For September 30, 2014, GMD System reported total assets of KRW 4.48 billion, total liabilities of KRW 135 million and total stockholders' equity of KRW 4.35 billion. The deal has been resolved by the Board of Directors of Dawin Technology on January 29, 2015, the sales deposit payment date has been set at January 30, 2015 and the balance payment prearranged date has been set at February 5, 2015. BDO Daejoo LLC acted as the external evaluator on the transaction. PWC acted as financial advisor to Dawin Technology.