Teltech’s parent company IAC has reportedly acquired Confide, an encrypted instant messaging service which was highly popular in the White House during the Trump administration. Additional financial details of the transaction were, however, not disclosed.
For those unversed, Teltech is a company that specializes in developing innovative apps and services that address real-world issues and focuses on revolutionizing the way smartphones are used. The company had previously secured approximately USD 3.5 million through funding and is currently valued at around USD 10-50 million.
Teltech mentioned in a statement that the primary motive behind the deal was to add Confide’s advanced IP and technologies to its portfolio. The company believes that Confide will be an ideal fit among its growing group of mobile communication platforms, such as Robokiller, SwitchUp, TapeACall, and TrapCall.
However, regardless of the significant user growth on Confide, some researchers had raised concerns over the encrypted messaging service’s security, following which the company had fixed its vulnerabilities. The messaging service presently has around 100,000 monthly active users despite some privacy concerns.
IAC has not disclosed its plans for the instant messaging service yet, although some analysts say that Confide will not compete with other encrypted communication services such as Telegram that offer large chat dynamics. However, it will focus on one-on-one as well as small group communication.
Co-founder and President of Confide Jon Brod has reportedly stated that the app was developed as a side project and has become a critical platform for encrypted communication amidst the high demand for privacy since the recent past. He added that IAC has a proven track record and that the team is looking forward to seeing the American holding company take Confide to the next level.
The encrypted messaging platform may end up being a lucrative addition to IAC and Teltech’s service offerings, sources have claimed. Confide’s current mobile and desktop apps will also continue to be available and will be later updated with new enhancements as a part of Teltech’s efforts.
Source Credits –
https://techcrunch.com/2021/01/27/iacs-teltech-acquired-encrypted-mobile-messaging-app-confide/