Two South Korean technology companies, Daum Communications Corporation and Kakao Corporation, today announced that they have officially merged as one to form Daum Kakao.

The deal was first announced in May 2014, and approved in August 2014.Reuters noted that the merger was conducted in “an all-stock deal that values Kakao at more than $3 billion.”

Daum Kakao, on the other hand, is valued at $9.45 billion, wrote Yonhap News Agency.

Some background

Publicly listed company Daum was founded in February 1995. Today, it is most famous for its web portal, which rivals fellow South Korean company Naver.

Kakao, most well-known for its flagship chat app KakaoTalk, was founded in 2010.

With this merger in place, Daum Kakao will be listed on the KOSDAQ (Korea Exchange in South Korea).

Going forward, the newly formed company will be led by Saehoon Choi, CEO, Daum, and Sirgoo Lee, Co-CEO, Kakao. The two will now hold the Co-CEO title at Daum Kakao.

Many things will be changing with the merger. For example, Daum Kakao, which was launched and poised as a “mobile lifestyle platform company,” has come up with a new vision, mission statement and corporate logo.

Saehoon Choi (left) and Sirgoo Lee (right), the two Co-CEOs of Daum Kakao answer reporters’ questions at the Daum Kakao launch press conference

In an official statement, Lee spoke about “connecting everything.”

“A large number of people, information, things, processes and more in this world still remain isolated. In this world of connections that we anticipate, we will seek to create new ways of communication that encompass new aspects of interpersonal and object-oriented communication, creating a new era in the way we connect.”

Daum Kakao will look to tackle four types of connections: people to people; people to information; online to offline; and people to things. It is unclear what new services the company will launch in the near future, but at the moment, its umbrella of services include Kakao Talk, Daum MyPeople, Daum Mail, KakaoGroup, KakaoStory, Daum Cafe, Daum Search, Daum Maps, and KakaoPlace.

This post was originally published on e27