Deals
Samsung Looks Beyond Smartphones With Plans to Buy AI Makers
- Smartphone giant `actively' seeking to acquire software makers
- Samsung has $61 billion in cash and equivalents for deals
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Samsung Electronics Co. is “actively looking” to acquire developers of artificial intelligence and other software as the world’s biggest smartphone maker tries to overcome flat-lining sales for its devices.
Samsung, which has $61 billion in cash and equivalents, wants to morph into more of a software-driven company, Executive Vice President Rhee In Jong said in an interview. The South Korean consumer-electronics giant also is spending more to develop its own services because the global market for gadgets is saturated and can’t be counted on for significant revenue growth, he said.