South Korea’s private equity fund (PEF) management firm Hes Capital Partners Co. will invest 52.2 billion won ($48 million) in local semiconductor and display software developer Twim Corp. with an aim to list the firm on the nation’s secondary Kosdaq market by the end of the next year, according to sources from the investment bank (IB) industry on Thursday.

Founded in January 2010, Twim saw its sales expand 100 times in just six years from 200 million won in 2010 to 20 billion won last year. The company has been supplying its OLED equipment control software to Samsung Display Co. and plans to supply its products to LG Display Co.

A source from the IB industry said that Hes Capital made the investment decision on expectations that Twim with outstanding technology and high growth potential would benefit from the anticipated rapid growth of the market for organic light-emitting diode (OLED) software.

Twim is also engaged in manufacturing semiconductor inspection equipment and developing software for factory automation. It has its research and development subsidiary in California, the U.S., and smartphone OLED manufacturing facility in BacNinh, Vietnam.

Hes Capital, established in 2015, raked in more than 20 billion won in investment return in July by selling stakes in PNC Industry it had bought in April 2016 to VIG Partners.

By Jung Seung-hwan and Choi Mira

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