The Xerox research centre dedicated to the artificial intelligence in Grenoble will become one of NAVER in Europe. NAVER is the first Internet portal in South Korea.
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Paris, FRANCE, on June 27, 2017 NAVER Corporation (035420: Korea SE) and Xerox Corporation (NYSE: XRX) today announced the proposed acquisition by NAVER of the Center of European Research of Xerox in Grenoble in France (XRCE). The consultations with the board of a French company are completed and the agreement is expected to be finalized at the end of the third quarter subject to satisfaction of certain customary closing conditions.
Based in Seongnam in South Korea, NAVER is the largest internet company in Korea, operating NAVER the first web portal in the country and other innovative services on the world market, such as instant messaging application LINE, the social network SNOW and the application of community management BAND.
Founded in 1993, the Centre for European Research of Xerox is based in Grenoble, a region often considered the Silicon Valley of Europe. The centre has concentrated its research in the areas of Artificial Intelligence (AI), machine learning, computer vision, data processing, natural language and ethnography.
“The areas of expertise of the research centre are fully in line with those of NAVER, we expect the strong synergies and immediate,” says Chang-hyeon Song, CTO of NAVER, and CEO of NAVER Labs. “The achievements of world-class XRCE in the field of Artificial Intelligence, computer vision and machine learning will greatly enhance the research of NAVER Labs ambient intelligence as the autonomous car, Artificial Intelligence and deep learning, the 3D mapping intelligent, robotics, and natural language processing. ”
Thanks to this strong presence in Europe, NAVER intends to accelerate the development of its technologies of ambient intelligence in the world, in particular in the field of Artificial Intelligence.
Xerox has built by transforming the way the world operates, and maintains its commitment to innovation in a wide variety of technical fields around the future of print and the work of the future, said Steve Hoover, Chief Technology Officer of Xerox. The majority of the research on which works the XRCE supported division of services, business process outsourcing, which is today an independent company. These activities are more in line with the strategy of Xerox. This transaction will allow us to optimize our investments in R&D and focus on areas more in line with our activities.
Research and innovation remain key to the strategy of Xerox. Research in the areas of artificial intelligence, computer vision, machine learning, ethnography, ink jet, digital printing, digital industry will continue within our world-renowned centre based in the Silicon Valley, the Palo Alto Research Center (PARC, a Xerox Company), at the research center of Canada, and also in the different sites working on the development of our products around the world, said Steve Hoover.
When the sale will be finalized, more than 80 researchers and administrative personnel will be part of teams of NAVER. Xerox will retain intellectual property rights and enter into license agreements with NAVER.
About Xerox
With a turnover of $ 11 billion, Xerox Corporation is an industry leader in technology that innovates and transforms the way the world communicates, connects and works. At a time when our customers of any size looking to improve their productivity, maximize their profitability and meet their customers, our expertise is more valuable than ever. Our services are addressed to SMES, large enterprises, governments, graphic communication professionals and to our partners who accompany them.
We understand what makes the essence of the work and all the forms that it can take. We master the challenges of a world increasingly complex, at the intersection between paper and digital, desktop and mobility, personal and social. Every day, everywhere in the world in more than 160 countries our technology, our software and our teams operate with brio these intersections. We automate, customize, organize, analyze and secure the information so that our clients are progressing at an accelerated pace. For more information, visit www.xerox.fr.
About NAVER
NAVER Corporation is the leader of the Internet in South Korea and the operator of the search engine NAVER, the number one in the country. The annual revenue of NAVER Corporation amounted to more than € 3 billion in 2016. Since its inception in 1999, NAVER recorded a steady growth and a net income high. Strong of several decades of expertise in the field of services linked to its search engine, NAVER also offers innovative products to the world, such as the mobile e-mail LINE, messaging, video SNOW and the application of management and animation of communities BAND. NAVER and the companies of the group NAVER intend to reinforce their capabilities and their commercial presence at the global level, forging partnerships with start-ups and developing new technologies in NAVER Labs.
About NAVER LABS
NAVER LABS is a company specializing in ambient intelligence that develops innovative technologies, particularly in the areas of the autonomous car, robotics, and artificial intelligence. Since its creation in 2013 as the R&D division of NAVER, Naver Labs ensures the technological innovation of NAVER thanks to products such as Papago (application of translation based on Artificial Intelligence), Whale (browser omni-tasks), and M1 (robot 3D mapping). Independent entity from January 2017, the company is actively investing in the research of future technologies.
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