The company began as startup incubator, utilizing a variety of equity-based investments to consolidate software businesses in South Korea.
[2] It was also considered one of South Korea's first unicorn startup companies.
[3] Over a period of 6 years, the company acquired over 94 startup companies in their SMATO (Shopping, Media, Advertisement, Travel and Online-to-Offline) categories.
It also faced lawsuits and with investors over Lee borrowing from partners and affiliates without paying them back.
[5][6] The company pulled their initial public offering from the KOSDAQ,[3] and in February 2019, the company announced that Lee had resigned as CEO[7] amidst rumors of bankruptcy proceedings and embezzlement accusations.