[Press] Cloocus Expects Annual Profit as Strong Growth and Enhanced Operational Efficiency Make an Impact “Revenue hit KRW 1.65 trillion, doubling from the previous year”

April 30, 2024, Seoul – Cloocus, a specialist in cloud consulting and management based on Data and AI, today announced that it had achieved KRW 1.65 trillion in revenues during the last year, doubling its performance year-over-year and joining the 100 billion won revenue club, within just four years of its inception.

The recent growth trajectory of Cloocus can be attributed to several factors including securing major enterprise clients like S Electronics, increasing demand for specialized services in data analytics and generative AI, the launch and expansion of sophisticated AI-based Managed Service Provider (MSP) services, and building a broad customer base across various industries through the Microsoft indirect provider business. The slight decrease in operating losses compared to the previous year is interpreted as a result of ongoing investments in cloud service expertise and improved operational efficiencies, notably achieving doubled revenue without increasing staff numbers, which marks a significant improvement in operational efficiency.

Earlier this year, Cloocus established a dedicated Gen AI team to support the professional adoption of generative AI. Cloocus offers comprehensive support in consulting, building, operating, and training for companies looking to adopt generative AI, including building LLM infrastructure environments, adopting and utilizing cloud-based generative AI like Azure OpenAI and Gemini, and developing generative AI applications for operational efficiency like Copilot for Microsoft365. Last year, Cloocus also signed a joint business agreement with Naver Cloud on the hyper-scale AI service, HyperClova X, to support public services.

Steve Hong, CEO of Cloocus stated, “Despite the global economic downturn, Cloocus maintains a strong foothold in the market as an AI MSP and is rapidly growing, expanding business opportunities mainly around enterprises. Cloocus is leading value-driven growth centered around specialized cloud services that can swiftly respond to client needs, improving operational efficiency, and focusing on turning to profit in the second half of the year.”

Cloocus, which has significantly enhanced its operational efficiency by focusing on AI-centric services, SaaS solutions, and automated AI-loaded MSP services, is not only continuing to expand its global cloud MSP business into the United States and Malaysia but is also preparing to enter the Middle East and Japan this year. Based on its current growth trajectory, Cloocus anticipates turning to profit in the second half of the year, further heightening the anticipation for its planned Initial Public Offering (IPO).