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Toronto-based Wattpad plans enlargement as Naver completes acquisition

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South Korean firm Naver has introduced that it has accomplished its acquisition of Toronto-based Wattpad.

Wattpad will stay headquartered in Canada underneath its founder Allen Lau and Ivan Yuen and can develop its crew considerably this 12 months.

“Wattpad will grow its teams by nearly 50 percent in 2021, adding close to 100 new roles in engineering, marketing, content, and other parts of the company to continue to execute its vision to entertain and connect the world through stories,” the corporate notes.

The $600 million USD (roughly $763.24 million) deal was introduced earlier this 12 months in January and has since obtained regulatory approval.

“We founded Wattpad with a vision to entertain and connect the world through stories,” mentioned Wattpad CEO Allen Lau, in a press release.

“By joining the Naver family of companies, we’re continuing that vision, with more resources and expertise to grow our global community and help writers everywhere achieve their dreams.”

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Written by Gideon

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