17 May 2021
Naver, Korea's leading internet platform, has completed its acquisition of Wattpad for more than $600 million in cash and stock. Wattpad will remain headquartered in Toronto under the leadership of founders Allen Lau and Ivan Yuen. Lau will serve as CEO, reporting to Jun Koo Kim, CEO of Webtoon, Naver's online comics platform. Over the next year, Naver plans to hire an additional 100 staffers to work at Wattpad in engineering, marketing, content, and in other roles, according to a press release.
