Korean Microblogging Service Me2Day Acquired by Naver

Microblogging services such as Twitter are all the rage these days; Twitter was nearly acquired by Facebook, but backed off when the two companies could not agree on a fair price. In the mean time, a Korean-equivalent of Twitter, Me2Day, has been acquired by the Korean search and gaming giant Naver, for about $2 million.

Me2Day had not raised any significant funds other than a few angel investments. According to Web 2.0 Asia, while Me2Day had significant traction in the microblogging market, Korean users are hesitant to venture outside of the bigger portal site; joining up with Naver makes a lot of sense, as Me2Day’s functionality can then be integrated across their network of sites.