Poshmark sells itself to Naver amid market woes – The Ticker

E-commerce company Poshmark Inc. agreed to sell itself to South Korean technology company Naver Corp. for $1.2 billion.

Naver bought Poshmark for $17.90 per share. This is 15% higher than Poshmark’s value of $15.57 at the beginning of the week, but this price is lower than its value when the company first went public at $42 per share.

Naver can be thought of as “the Google of Korea.” Korea is one of three countries where Google is not the dominant search engine, the other two countries being China and Russia.

The company is home to the largest number of South Korea-based bloggers. It is also home to the largest number of digital stories through services like Wattpad and Webtoon.

Wattpad is a Toronto-based company that offers a platform for reading and writing original stories. It was acquired by Naver for $600 million on May 10, 2021. Webtoon is one of the largest webcomics communities in the world, with many different genres available in over 30 different languages.

When Poshmark…

Read Full Story: https://theticker.org/8792/business/poshmark-sells-itself-to-naver-amid-market-woes/

The post Poshmark sells itself to Naver amid market woes – The Ticker first appeared on SEO, Marketing and Social News | OneSEOCompany.com.

source: https://news.oneseocompany.com/2022/10/15/poshmark-sells-itself-to-naver-amid-market-woes-the-ticker_2022101533330.html

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