Encrypted Messaging App Symphony Forces Competition To Adapt Or Get Left Behind
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Technology Technology Mar 06, 2017 10:37 AM EST
Encrypted messaging app Symphony is bringing flexibility to the secure messaging market, something that their competitors need to take heed. The Silicon Valley-based tech company is bringing a more flexible and affordable pricing model for companies in need of secure messaging services.
Utilizing an encrypted messaging app is becoming a vital element in ensuring success, specially in big companies. This is more important in these modern times since data security is something that's constantly at risk in being mined by persistent hackers.
Given that risk, corporations are investing in big-name encrypted messaging app services like Bloomberg or Thomson Reuters. However, opting for these more-established companies for security will fetch a high price.
According to TechCrunch, Bloomberg's financial services come with a $20,000 price tag per head. This subscription includes Terminal analytics platform, along with Bloomberg's chat tool.
However, the expensive subscription rate is enough reason for other companies to go out and look for alternatives. This is where Symphony comes in, to offer their encrypted messaging app services at a monthly fee of $15 per person.
The source mentioned that finance company Goldman Sachs found Bloomberg's services as too expensive and impractical to accommodate the company's 30,000 employees. This led them to create their internal encrypted messaging app LiveCurrent.
This platform was eventually integrated to the app of a start-up company which eventually led to the birth of Symphony. While the technology itself isn't anything new, Symphony hopes to have their encrypted messaging app used in unison with other platforms.
Symphony CEO David Gurle stressed their emphasis on flexibility by having their platform have the ability to "integrate with other systems." This gives companies more varied options to use other services for analytics while still using Symphony's encrypted messaging app.
A previous report from StraitsTimes revealed that Symphony expanded globally by opening their Singapore office. This expansion gives them a wider market in offering their encrypted messaging app services. This also forces other platforms such as Bloomberg and Thomson Reuters to have the same flexibility in their products lest they lag behind Symphony's more adaptable and affordable offering.