12CM Inc., a developer of foundational technology for smart stamps, has reportedly inked a memorandum of understanding (MoU) with Heptagon Square, a Netherlands-based IT firm, and Lucrion GmbH, a German marketing company, at Global Mobile Vision 2018 to form a joint venture.
A member firm of the K-ICT Born2Global Centre, 12CM is gearing up to foray into the European market through the joint venture, cite trusted sources. The recently signed MoU is likely to result in tangible and meaningful business outcomes, especially with the investment made by the European venture capital company Arena Amnis B.V. which is planning to make follow-up investments in 12CM.
Reportedly, the “echoss” smart stamp technology is presently offered through partnerships with 53 companies across the globe. The technology localizes diverse services in accordance with the policies of the given service provider or regulations of the relevant region through smart stamp hardware and cloud-based software.
Owing to the amendment made to the personal information protection law this year, numerous American and other foreign companies are experiencing significant difficulties doing business in the European market, cite sources.
Chief Executive of 12CM and the head of investment at Heptagon Square, Brend J. Kouwenhoven was reportedly quoted stating that the European market has been quite conservative so far, however, it is rapidly changing in terms of the financial ecosystem for venture capital companies.
Moreover, government policies are making it easier to foster the well-known tech and ‘unicorn’ firms such as Uber and Google. 12CM is hopeful that the business would expand if the ‘echoss’ smart stamp is adequately adapted to the requirements of the European market. ‘Echoss’ has been a revolutionary technology which has already succeeded in the Asian and US markets, Kouwenhoven further added.
For the record, 12CM created echoss smart stamp, an independently developed foundational technology. The company would be conducting a new project in the Asian, European, and the US markets in early 2019, cite sources.