Here’s what to know about the Toronto tech darling that just sold for $754M

One Toronto-based company just made the deal of a lifetime. Wattpad, the platform known for self-publishing and media production, just signed a deal to be acquired by South Korean company Naver Corp. for a whopping $754 million. Yes, you read that correctly. $754 MILLION. That’s quite the stack of cash!

For those of you unfamiliar with the platform, Wattpad was founded way back in 2006. When it first launched, it was a community of sorts for self-published writers and readers. As the brand expanded, it eventually launched a production arm for film and television. Then Wattpad Books for literary publishing.

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The platform is home to one of the world’s leading social storytelling communities. In fact, one of the biggest early boons for Wattpad was the emergence of fan-fiction. To give you a frame of reference, they’ve got an average of 90 million monthly users. Whew! No wonder it sold for so much!

Speaking of the sale, all that was officially announced Wednesday morning. The acquisition is set to close sometime in the second quarter of 2021, once they get some paperwork in order.

So there you have it! This is quite the big announcement for the Toronto-based company. $754 million is quite the sale!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