Samsung SDS announced Thursday that it has formed strategic partnerships with o9 Solutions, a US-based planning platform provider, and Emro, a Korean Supplier Relationship Management vendor, in a bid to jointly develop global SRM Software as a service solution.

Samsung SDS said it plans to complete the development of the SaaS solution this year, and secure customers by 2024 to cement its position as a market leader.

SRM has become a crucial factor in strengthening the firm’s competitiveness in the wake of the COVID-19 pandemic and increased geopolitical risks, Samsung said.

Samsung SDS CEO Hwang Sung-woo expressed his optimism regarding the partnerships, calling it a "perfect strategic blend that draws on the strengths of each company" and a "trident to overcome the geopolitical risks facing global companies."

In March, Samsung acquired a 33.4 percent stake in Emro to acquire SRM solutions. Through the acquisition, Samsung also secured o9 Solutions’ global SaaS platform and its global business network.

With the addition of SRM solutions to its digital platform, o9 Solutions can also expand its business field, and bolster its global competitiveness through the organic integration of the existing supply chain planning solutions and new SRM solutions, the company said.

For Emro, the deal allows the company to secure a global sales and construction network, and foray into overseas markets, which will set an example for other Korean software firms, the company said.