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Path Confirms Sale of Social Networking App to KakaoTalk

Re/code first reported the acquisition talks back in April.

Path

Path has agreed to sell its flagship social networking app along with Path Talk, its standalone messaging app, to South Korean tech company Daum Kakao, which owns popular messaging service KakaoTalk.

Re/code first reported that the two sides were in serious discussions for Path’s flagship app, referred to as Path Classic, more than a month ago; Path CEO Dave Morin confirmed the sale in a blog post Thursday. Path and Path Talk will continue to operate, according to Morin, who added that Path has over 10 million active users.

“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,” Morin explained. The majority of Path’s users are from Indonesia.

Path will hold onto Kong, a GIF selfie app released in April.

This article originally appeared on Recode.net.

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