KT, Korea’s second-largest mobile carrier, and Yonsei University Health System have launched a joint venture in healthcare IT business named H∞H Healthcare.

H∞H, or “Hooh,” refers to the infinite value of human and health, KT said.

The two sides invested 1 billion won ($869,000) in the joint venture with a 49 percent stake owned by KT, while Yonsei holds a majority 51 percent in the new entity.

The board members will consist of two executives from KT and three from Yonsei University Health System.

The company will be headed by CEO Shin Kyoo-ho, who is also a professor at Yonsei University College of Medicine.

KT said that the business will offer total healthcare services which patients can attain anywhere, at anytime.

As a start, the joint venture will help build smart IT systems for small and medium-sized hospitals in Korea, and provide management support to them.

It plans to expand overseas with its healthcare system called “u-Wellness” in the long run.

The company is targeting sales of 1 trillion won by 2016.

By Park Hyong-ki (hkp@heraldcorp.com)