Wattpad Sold In $600-Million Deal, But New Owners Will Keep Halifax Operations
HALIFAX – On January 20 global storytelling platform Wattpad announced they will be acquired by South Korean internet conglomerate Naver in a cash-and-stock deal worth $600-million (U.S.). But the CEO and co-founder says the company’s headquarters, including its operations in Halifax, will remain in Canada.
“Our Halifax team is not going anywhere,” said Allen Lau in an interview with Huddle. “We have seen tremendous growth.”
The office opened in December 2019 and now has 11 employees in multiple departments ranging from engineering to marketing, with an additional seven active job postings currently active.
“In 24 months, we already grew to double digits – we are incredibly happy with the progress,” added Lau.
The opportunity to work with Naver, who owns the popular global digital comics platform WEBTOON, led Wattpad to the possibility of being acquired.
Lau explained WEBTOON’s creators and comics and animation platforms will help take Wattpad to the next level and expand their vision of entertaining and connecting the world through stories faster than they would have as an independent company.
“Our two businesses are very complementary,” he said. “That’s why it’s good for our creators on the platform as well, we can help them monetize in so many different forms and gain a larger audience. It’s such a great opportunity for them.”
unOrdinary, True Beauty and Eisner Award-nominated series Lore Olympus are among some of WEBTOON’s most popular digital titles. WEBTOON Studios has worked with The Jim Henson Company, Crunchyroll, Vertigo Entertainment (The Lego Movie, Stephen King’s IT) and Snowpiercer and Okja producer Samuel Ha’s Bound Entertainment.
Together, Wattpad and WEBTOON™ will have a global monthly audience of 160 million people.
“I’m very excited for the employees, the creators, the Wattpad community and, of course, very excited for Canada as well – I think this acquisition actually brings more opportunities to Canada,” he said.