Shulou(Shulou.com)11/24 Report--

CTOnews.com, Oct. 4 (Reuters)-South Korean search Internet technology company Naver Corp said on Tuesday that it agreed to buy US second-hand fashion platform Poshmark Inc for $1.6 billion as a strategic investment to enter the US e-commerce market.

The $1.6 billion includes consideration for cash held by Poshmark, while the enterprise value of Poshmark is about $1.2 billion, a Naver spokesman said.

CTOnews.com learned that the deal will combine Poshmark's shopping platform with Naver's technology, including image recognition and live streaming, as the main driver of e-commerce in South Korea to target the $80 billion online trendy second-hand commerce market in the United States.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.