Zoom Video Communications Inc. bought Keybase Inc., which makes a secure messaging and file-sharing service, to bolster the service’s encryption amid privacy concerns.
The acquisition, Zoom’s first, boosts its goal of becoming the most popular video conferencing tool with end-to-end encryption, the San Jose-based company said Thursday in a statement. Financial terms weren’t disclosed.
Keybase makes a messaging platform that features end-to-end encryption, the highest standard available, which is intended to let only a sender and recipient see the information they exchange. Zoom, whose videoconferencing app attracts 300 million daily participants, had claimed the service met that high security standard before correcting to say the platform has a lower level of encryption, just one of the company’s privacy fumbles as it grew in popularity during the coronavirus pandemic. Security and privacy issues led some companies and organizations to ban Zoom for remote meetings. Keybase’s engineers will help the company develop new capabilities for its platform.
Zoom shares climbed more than 6% to $158.76 at noon in New York. The stock has more than doubled since the start of the year.
Source: Bloomberg
Can’t stop reading? Read more
Carlyle and Goldman Sachs open private credit funds to Willow users with $10,000 minimum
Carlyle and Goldman Sachs open private credit funds to Willow users with $10,000 minimum Carlyle,...
EQT, PAI, and Stone Point shortlisted for €2bn takeover of Castik-backed Global Group
EQT, PAI, and Stone Point shortlisted for €2bn takeover of Castik-backed Global Group EQT, PAI...
CAIS Advisors unveils retail vehicle giving investors a stake in elite sports and media
CAIS Advisors unveils retail vehicle giving investors a stake in elite sports and media Eldridge...