KUALA LUMPUR - VCI Global Limited (NASDAQ:VCIG), a diversified holding company, has announced the acquisition of Socializer Messenger from Cogia GmbH, a German software company. The transaction, which took place today, sees VCI Global enhancing its technology portfolio with a messaging platform known for its advanced privacy and security features, including patented facial recognition technology.
Socializer Messenger is currently utilized by the government of a NATO founding EU country, highlighting its credentials in secure communications. The platform boasts features such as face recognition, self-destructing messages, and additional app locks to prevent unauthorized access. This focus on cybersecurity comes at a time when concerns about data breaches and privacy violations in digital communication are escalating.
The secure messaging market, where Socializer Messenger competes, is expected to grow significantly. A report by Mordor Intelligence suggests that this market could see a compound annual growth rate of 22.45%, potentially reaching USD $25.05 billion by 2029. This growth trajectory is driven by the increasing need for secure communication in sectors like business-to-government, insurance, banking, energy, and healthcare.
Dato’ Victor Hoo, Group Executive Chairman and CEO of VCI Global, expressed enthusiasm about the acquisition, stating that the company is looking forward to introducing more innovative technology products to its clients and partners.
VCI Global has a presence in Asia, the United States, Europe, and the Middle East, with operations focusing on consulting, fintech, AI, robotics, cybersecurity, and gamification. In addition to consulting services, the company also operates a proprietary financing platform and invests in emerging technologies.
The press release includes forward-looking statements regarding VCI Global's growth and product acceptance, which are subject to risks and uncertainties. These statements are not guarantees of future performance, and actual results may differ materially.
This news is based on a press release statement from VCI Global Limited.
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