Naver, Line Plus acquire majority stake in Drama & Co.
[THE INVESTOR] Korea’s internet giant Naver and sister firm Line Plus have acquired majority stake in Drama & Co,, operator of cloud-based business card management application Remember, the company said on Dec. 21.
They acquired controlling stake in October with Naver investing 5 billion won (US$4.60 million) and Line Plus shelling out 10 billion won in Series A round of funding.
Drama & Co. was established in June 2013 by Choi Jaeho. He will continue to head the company as CEO.
"The global success experience of Line Plus and Naver will be able to generate greater synergy with the potential of Remember,” Choi said. "We will do our best to provide stable services and develop new services to expand our market here and overseas.”
The company, which occupies 80 percent of the business card management app, said it has 1.8 million users and more than 100 million business cards stored in its database.
By Park Ga-young (firstname.lastname@example.org)