"WAVUS Expects Growth of Mappick in the Private Sector

Geospatial Solution Expected to Benefit Startups in Delivery, Real Estate, and Other Location-Based Services

The geospatial information industry encompasses the production, management, and distribution of spatial data to build systems and provide services. Applications of geospatial information range from vehicle navigation systems to real estate information platforms. With the rapid growth of autonomous vehicles and drone technologies, demand for accurate and high-resolution geospatial data continues to increase.

WAVUS, a KOSDAQ-listed company, has established itself as a leading provider of geospatial information solutions. In 2004, the company participated in the development of the Korea Land Information System (KLIS) in collaboration with the Ministry of Construction and Transportation (currently the Ministry of Land, Infrastructure and Transport) and the Ministry of the Interior and Safety. KLIS is a platform that digitizes and integrates land-related information across Korea and is currently utilized by major central government agencies and local governments nationwide.

Having traditionally generated revenue through business-to-government (B2G) projects based on its extensive track record of government contracts, WAVUS is now pursuing diversification into private-sector and overseas markets.

“Government budgets are inherently limited, and relying solely on B2G revenue would slow the company’s growth,” said Kim Hak-sung, Chief Executive Officer of WAVUS, in an interview on the 19th.

The company expects its privately marketed geospatial solution, Mappick, launched late last year, to generate meaningful commercial revenue beginning next year. Kim also anticipates a surge in demand for Mappick as startup activity utilizing geospatial information continues to expand.

“Mappick will be particularly useful for entrepreneurs seeking to develop location-based services similar to Baemin (Baedal Minjok) or Hogangnono,” he explained.

To further strengthen its competitiveness, WAVUS acquired the Geographic Information System (GIS) Business Division of Naver System, a platform development company, in November of last year. Through the acquisition, the company aims to establish in-house capabilities for collecting and producing geospatial data.

“Previously, we primarily processed and distributed spatial data collected by government agencies or third-party organizations,” Kim noted. “By entering the data production stage ourselves, we expect to significantly improve the update cycle and overall competitiveness of the platforms we provide.”

WAVUS also plans to steadily expand its overseas business. Last year, the company signed a contract with the Ethiopian government to implement the Ethiopia Land Information Management System (LIMS) Project, valued at approximately KRW 30 billion (USD 22.2 million).

Under the project, WAVUS will establish a digital cadastral system and digitize land-related records throughout Ethiopia by 2026.

Looking ahead, Kim stated, “We plan to expand our geospatial information business into additional African countries, including Tanzania and Tunisia.”

By Lee Mi-kyung

The Korea Economic Daily"

[Access the original press release]