"Twitter of Korea" Acquired by "Google of Korea" for $2 Million
Web 2.0 Asia is reporting that Me2Day - a Korean microblogging service likened to Twitter - has been acquired by Naver - the most popular search portal in Korea - for 2.2 billion Korean Won, which equates to roughly $2 million US.
Founded in February 2007, Me2Day was bootstrapped and angel funded. It had not yet taken on larger venture capital rounds. No estimate was provided for the amount of money invested in the development of the service to date.
Me2Day is purportedly "a big proponent of open web technologies." A cursory glance at the Me2Day site reveals that they allow login by OpenID, something its US equivalent has yet to do.
According to Wikipedia, Naver was launched in June 1999 and has since grown to be the most popular search portal in Korea. In October 2007, comScore ranked Naver - owned by NHN Corporation - as the fifth most used search portal in the world.
There is no word on how Naver plans to incorporate Me2Day functionality into its offerings.
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