On Thursday, Path announced that it has been acquired by Daum Kakao, the makers of the popular KakaoTalk messaging app. The acquisition costs have not been disclosed.
“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. That is why today we are announcing a definitive agreement under which Daum Kakao will acquire Path and Path Talk. Kong will continue to operate as part of Path, Inc.”
Path and Path Talk will continue to operate, but the focus will shift to the market in Southeast Asia.
“What does this mean for you? Nearly everything you have come to love about Path and Path Talk will remain as is. Daum Kakao’s extensive experience in mobile innovation along with a network of millions of users will ensure continued and reliable service. Future product updates will continue to improve connecting, sharing and communicating in the Path community.”
Path was founded in 2010 by Dave Morin, who was a former Facebook and Apple employee. The social networking app never really took off in North America or Europe, but it has become popular in Asia. The company’s last round of funding brought its total raised to around $77 million in January 2014.
Last month, the developers released Kong, a new app for sharing selfie GIFs. The acquisition by Daum Kakao only includes Path and Path Talk. According to the blog post, Kong will continue to operate under Path, Inc.