Daum Kakao to Acquire Social Networking Services Path, Path Talk

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Daum Kakao to Acquire Social Networking Services Path, Path Talk

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SEOUL, SOUTH KOREA
1 June 2015 – 11:30am
Cho Jin-young

DaumKakao has started to secure mobile platforms in Indonesia so that it can expand its global business.
DaumKakao announced on May 29 that it will buy Path and Path Talk, US-based Internet service company Path’s social networking services (SNSs), as part of a strategy to expand its global business.
Path, which is one of the three popular SNSs in Indonesia, has shown a nearly double-digit year-on-year growth, securing more than 10 million monthly average users.

“In general, users are very committed to Path, and it is likely to expand to a mobile platform that provides various kinds of content based on large-scale traffic,” said the Korean company in a statement. It added, “Path has tremendous growth potential as a global platform, as shown by a recent drastic increase in the number of users in the Middle East. In addition, the acquisition is expected to create synergy. So, we decided to make an investment in the firm.”

Path was launched in Nov. 2010 by former Facebook platform developer Dave Morin and Napster cofounder Shawn Fanning.

Unlike Facebook or Twitter targeted for opening and spread, Path is aiming for a closed SNS focusing on maintaining relationships between small groups and improving trust.

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Source : businesskorea.co.kr
Image : technewstoday.com

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