Revenue of Hancom Group, South Korea’s indigenous office software developer, surpassed 100 billion won ($87.56 million) last year, its first milestone since inception 26 years ago, owing to successful entries to overseas markets and diversified product mix.

The Korean software developer on Monday reported its all-time high revenue of 101.2 billion won for full 2016 on a consolidated basis, up 19.2 percent from 2015. It was the first time that the company founded in 1990 has seen its revenue exceed 100 billion won, more than doubled from 2011 when its revenue reached 50 billion for the first time. Last year, its operating profit rose 4 percent on year to 29 billion won.

Hancom invented word processing computer software based on the Korean language more than two decades ago, but struggled in 2000’s when the company faced copyright and management disputes. Its top executives changed seven times since 2000. The company rebounded under the leadership of Chairman Kim Sang-cheol who looked beyond the mainstay software and domestic market for revenue.

Neo, its office software for PCs rolled out in January 2016, is enjoying healthy sales in the Middle East, Africa and South America. Its affiliate iText, a Belgium-based PDF solution firm it acquired in 2015, also is growing. A translation app called Genie Talk and Wepubl, an e-book publishing platform, have also contributed to the rise sales.

Kim last month announced another bold plan to expand the company’s presence in the global market by setting up an Australian subsidiary.

The Korean software developer seeks to transform itself into information technology (IT) specialized firm from an office software supplier to lead the so-called fourth industrial revolution.

At 3:01 p.m., shares of Hancom fell 0.62 percent or 100 won to 16,000 won in Seoul trading Tuesday.

By Oh Chan-jong

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]