Authy (Photo : www.authy.com)
Application Program Interface (API) provider Twilio is bumping up its portfolio by tapping Two-Factor Authentication service Authy in a recently concluded acquisition deal.
Authy is a smartphone app that helps provide additional security to its users by means of its Two-Factor Authentication service. By adding an additional layer of security, Authy can help protect its user's personal information from hackers and hijackers. Authy claims that more than 6,000 websites uses its technology in order to protect its users.
Authy's client base includes Mercado Libre, CloudFare and Coinbase. The company only received major funding after Marc Boroditsky took the company's top position as president and COO. Boroditsky previously worked as vice president of Oracle's Identity and Access division.
Twilio's acquisition of Authy proves that the company is serious in providing data security to its consumers especially after the series of hacks that has toppled some of the world's biggest companies during the previous year, according to America's Markets.
Twilio CEO Jeff Lawson wrote on his blog, "It's 2015, and every week there's another security breach. We've learned that retailers aren't safe from their HVAC vendors, Seth Rogen can stir an international cybersecurity incident and not even the venerable OpenSSL can be trusted."
Lawson also added that the acquisition of Authy does not mean that the company will be totally dissolved. According to Lawson, Authy's product will be expanded and its technology will serve as a footprint to other developers in different platforms.
A report from TechCrunch shows that before the acquisition Authy is valued at around $3.8 million with major investments coming from Salesforce.com, CrunchFund, Startcaps Ventures, Winklevoss Capital, AngelList, and Idealab.
