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REUTERS - Tech giant Samsung Electronics Co Ltd will continue looking for acquisition opportunities, a company executive said on Monday, as the firm seeks to build software and services to further differentiate its products.
"We are going to be bullish on finding companies that fit our strategy," Peter Koo, a senior vice president for Samsung's mobile division, said during an investor event in Hong Kong. He did not elaborate on specific targets or technologies that Samsung is looking to acquire.
The world's top maker of memory chips, smartphones and televisions has grown more aggressive in acquiring companies in recent years, breaking from its past preference to rely on its own talent and use its cash for capital expenditures amid intensifying competition from the likes of Apple Inc and Huawei Technologies Co Ltd.
In addition to buying firms such as Viv Labs and LoopPay, deals that bolstered Samsung's existing efforts for artificial intelligence and mobile payments services, Samsung is also spending money to break into new businesses.
The firm completed an $8 billion acquisition of Harman International Industries early this year, its biggest ever deal, in an attempt to speed up its entry into the automotive components industry and develop a new growth engine.
Koo said Samsung's aim with software and services is to primarily make its products more attractive to consumers, and that the firm will look for partnerships as well as acquisitions to bolster its offerings.
Reporting by Se Young Lee; Editing by Stephen Coates