Naver acquired social storytelling platform

South Korean web conglomerate Naver has obtained social storytelling platform Wattpad in a money and stock exchange esteeming the Toronto-based firm at more than $600 million.

Naver’s digital comics publisher Webtoon said the acquisition will help in working together with Wattpad to make a more grounded environment across visual and printed narrating content, with a combined reader base of more than 160 million month on month clients across the world. The arrangement is required to shut in Q2 of 2021.

“Webtoon’s adaptation model and Wattpad’s gigantic library of assorted stories will furnish each imminent partner with new switches for development, making a more grounded establishment to support a hopeful age of youthful, innovative ability,” the organization said.

Aside from Webtoon, Naver offers an arrangement of search, internet business, fintech, correspondences, interpersonal interaction, cloud, content, and diversion administrations and brands including LINE, Smart Stores, N Pay, Band, V Live, and Snow, among numerous others.