SEUM advised Cardiac Insight, a US-based medical equipment manufacturer, in its sale of 100% shares of Cardiac Insight Inc. to DreamTech Co., Ltd., a Korean listed company. The shares were sold from CIDT Holdings Inc., the parent company of Cardiac Insight Inc., which was established through a reverse triangular merger in the U.S., and through this transaction, the existing shareholders of Cardiac Insight sold 100% of their shares and management rights in Cardiac Insight to DreamTech for a purchase price of USD 23 million (KRW 27.4 billion).

SEUM also advised Cardiac Insight in CIDT Holdings’ acquisition of newly issued shares of DreamTech representing a 3.45% shareholding for a subscription price of KRW 25 billion, which occurred simultaneously with DreamTech’s acquisition of Cardiac Insight.

Cardiac Insight developed a wireless wearable heart sensor and automatic electrocardiogram (ECG) analysis software called ‘Cardea SOLO’. ‘Cardea SOLO’ is a key component of the world’s only integrated outpatient ECG system that can be worn for 7 days, and is recognized as an innovative technology in the digital health industry by providing clinics with cardiac analysis and reports automatically. Cardiac Insight received a great deal of attention for this technology and for its raising of USD 9.9 million in its Series D financing from DSC Investment and Login Investment in 2020. investment portfolio in the smart medical devices industry, which DreamTech has been pursuing as a new business area since 2015. DreamTech was listed in the stock market exchange in 2019 and since then, has formed a strategic partnership with Cardiac Insight and developed capabilities in the market through joint R&D and production of medical devices. DreamTech recently established a wholly owned subsidiary, i.SigNal, by spinning off its medical device sales and marketing business. With the acquisition of Cardiac Insight, DreamTech is recognized as having achieved a substantial milestone for even greater development as a global medical device company.

Based on SEUM’s extensive experience in cross-border outbound and inbound investments, and M&As, including SK Gas’s investment in C-ZERO and Daekyo’s acquisition of Knowre Americas, among others, SEUM provided Cardiac Insight with swift and accurate advice which allowed for the smooth completion of both the sale of 100% of the shares and management rights in Cardiac Insight, and CDIT Holding’s acquisition of shares of DreamTech, including assisting in filing of foreign exchange reports, foreign investor registration, designation of standing proxy, opening of securities accounts and bank accounts (including transfers between such accounts), and exemptions from submission of securities reports, among other matters.

The SEUM team was comprised of partner Jungok Yun, associates Egyul Kim, Youngjoo Shin, and Nakwon Choi, and foreign attorney Daniel Chong.