Path, the mobile-focused social network, is being bought out by Korean internet company Daum Kakao. The main app and Path Talk will continue to operate under new ownership, according to a Medium post by founder Dave Morin, while the remaining Path Inc. will run the recently launched Kong selfie app. Details of the deal haven't been announced; last month Recode reported that negotiations were underway.
Daum Kakao was formed in a 2014 merger between the companies that owned the Daum internet portal and the Kakao Talk chat app, which is dominant in South Korea. Although Path hasn't caught on in the West, it has found some success in Asia — most of its active users are in Indonesia — and hopes to grow further as a result of the deal. "We have reached a tipping point on our journey and for Path to truly grow we need more resources and a larger local team that deeply understands Southeast Asian markets," says Morin.