[Courtesy of Naver]
SEOUL -- In an effort to expand its presence in Southeast Asia, Naver, a top web portal service operator and IT company in South Korea, invested $150 million in Elang Mahkota Teknologi (Emtek), an Indonesian technology, telecom and media conglomerate, to set up a strategic partnership.
The investment is aimed at finding new growth opportunities in Southeast Asia, Naver said in a statement on April 7, adding webtoon-based content can create synergy with Emtek's various content platforms. "We hope our strategic partnership with Emtek will create synergy in various areas," said Naver's investment head Lee Jung-an.
Lee said Naver would work with Southeast Asian partners to find various business opportunities for global expansion in commerce, content and cloud. Naver has diversified its business portfolio to cover online shopping, entertainment, web cartoons and content services while acting as a key player in developing new technologies such as in-vehicle infotainment and cloud computing.
Web cartoons, widely known as webtoons or webcomics, are digital comic books created to fit into web or mobile platforms. South Korea is the birthplace of webtoons, with its digital comic books gaining popularity abroad.
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