Samsung SDS Co., an information technology solution arm of South Korea's top conglomerate, Samsung Group, said Wednesday it is aiming to almost triple its annual sales to 20 trillion won ($18.2 billion) by 2020 by expanding its mainstay IT-outsourcing business.
Last year, Samsung SDS, established in 1985, raked in 7.8 trillion won in sales.
"Samsung has been dealing well with paradigm changes in industries, and thus kept its lead in many sectors," said Jun Dong-soo, who heads Samsung SDS. "We rose as the No. 1 player through strategy changes, when industries switched from personal computers to mobile, and when analogue changed to digital."
The company also said it will utilize Samsung Electronics Co.'s KNOX mobile security system for its IT solutions, and roll out biometric authentication services as well.
The company started as Samsung Data System, and was renamed in 1997. It also merged with Samsung Networks in 2010 and Samsung SNS in 2013 to become one of Samsung Group's major units.
In 2014, Samsung SDS was listed on the main bourse, immediately rising to become the 10th-largest player in terms of market capitalization, which currently stays at around 20 trillion won.
While the listing was seen as a means to generate cash that would help the three children of Lee Kun-hee, Samsung's de facto chairman, in their succession of the group's managerial rights, industry watchers said it also gave the company more leeway to raise cash for investments.
Jay-yong, the only son of Lee, owns 11.25 percent of Samsung SDS. His sisters -- Boo-jin, head of hotel and duty-free shop operator Hotel Shilla Co., and Seo-hyun, head of the fashion division at Cheil Industries Inc., -- each own a 3.9 percent stake.
Shares of Samsung SDS closed 5.27 percent higher at 269,500 won after rising by the daily permissible limit of 15 percent, while the KOSPI advanced 0.39 percent to 2,119.96.
Analysts said Wednesday's rise came amid rumors that the hospitalized senior Lee had died. Samsung Group said such stories were groundless during the trading session. (Yonhap)