Canadian start-up Wattpad has been sold to South Korean conglomerate Naver in a $600 million (U.S.) cash and stock deal. The deal was completed on Tuesday.

The content company, best known for its digital reading app that allows users to post stories, will remain based in Toronto. Co-founders Allen Lau and Ivan Yeun will continue to lead the 220-member team, of which about 190 are based in Canada.

Naver, an IT company that operates Korea’s most popular search engine, announced in a release that Wattpad will collaborate with its digital comic platform Webtoon to create content. Webtoon has more than 72 million monthly readers.

Wattpad launched the print publishing division Wattpad Books in 2019 to convert popular stories from its catalogue into print books. It has since published 21 books for young adults.

The deal will close in the second quarter of 2021 pending regulatory approval.