SEOUL, South Korea South Korea's Haansoft Inc. said Friday (Jan. 20) it will set up a three-way joint venture this year with major Chinese and Japanese Linux OS vendors to develop more advanced Linux-based programs and step up their presence in the open-source software market.
Haansoft, known here as the Korean version of Microsoft, said in a regulatory filing that China’s RedflagLinux Software Co. and MiracleLinux Corp. of Japan have agreed participate in the joint venture, AsiaNux Corp., slated to start operation in April in China.
The $800,000 joint venture, of which 25-percent equity shares will be owned by Haansoft with 50 percent to go to the Chinese counterpart and the remaining to the Japanese, also hopes to gain listing on the U.S. Nasdaq exchange.
The 15-year-old Haansoft is known to have sold over 10 million copies of its Hangu (Korean language) word processor software at home and abroad to date. Its total sales reached $27.3 million during the first three quarters of 2005, compared with $32.9 million for all of 2004.
RedflagLinux is China’s largest Linux software vendor with a 53 percent market share, while MiracleLinux is an affiliate of the U.S.-based Oracle Corp.