An engineering grad's online story-sharing company is to be acquired by South Korean internet business Naver Corp. in an estimated $754-million CAD cash and stock deal later this year.
Wattpad Corp was launched in 2006 by Ivan Yuen (BASc ’00, computer) and his friend and former co-worker Allen Lau, a University of Toronto
What began as a basic platform for people to read stories on their smartphones or other devices has organically grown into a site that now connects over 90 million writers and readers from around the world every month.
Engineering alumnus Ivan Yuen, right, and Allen Lau will continue to lead Wattpad after its sale is finalized.
Wattpad will continue operating in Toronto under the leadership of Yuen and Lau after the sale is finalized. [Full story]