KT and Softbank partner in cloud venture

KT and Softbank partner in cloud venture

Korea Telecom (KT) and Japanese operator Softbank are to launch a joint cloud computing venture worth $65 million with the companies holding a 51% and 49% market share respectively.

KT has said the joint venture will enable a data centre build in the city of Gimhae in South Korea to offer cloud computing services to Japanese business. This, in turn, will provide a more reliable source of power for Japanese data centres after many facilities were left without power following the earthquake and tsunami in March.

The company has also recently announced plans to adopt finance, convergence, cloud, media and global operations in order to enter the global IT sector. As a result, KT believes it is on track to reach its target of increasing sales from non-communications business to 45% by 2015, from 27% in 2010.

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