Humax Mobility Corp, a car-sharing and parking management company backed by Humax and STIC Investments, is to acquire Peoplecar.

Humax Mobility signed a stock purchase agreement to buy a 100% stake in car-sharing company Peoplecar for approximately 22 billion won ($18.7 million) in early September, industry sources said on September 22. Venture capitalists and individual shareholders of Peoplecar are also expected to retrieve their investments in the car-sharing company through this deal.

Humax and STIC Investments own a 47.2% and 45.3% stake in Humax Mobility, respectively. The two companies participated in a rights issue of Humax’s subsidiary Plat and acquired 100% of parking facility operator HiParking for 170 billion won through Plat in October 2019. Plat later changed its name to Humax Mobility.

The acquisition of Peoplecar is a part of Humax Mobility’s plan to strengthen its mobility business. Humax Mobility may pursue bolt-on investments by purchasing automotive-related businesses or personal mobility operators.

Founded in 2014, Peoplecar is an online-to-offline (O2O) platform which connects vehicles owned by local rent-a-car companies with car-sharing service users. It currently operates its business in Seoul metropolitan area and the country’s six metropolitan cities.

Peoplecar was valued at more than 20 billion won in the recent deal, up more than 4 billion won compared to its valuation when raising funds in October 2019. (Reporting by Ik-hwan Choi)