The terms of the deal have not been disclosed, but Jumbo has confirmed that its app will no longer receive updates. Existing users will have the option to export their social media archives or 2FA codes, and the app will be shut down completely next year.
While Coalition is not aiming to leverage Jumbo’s user base or consumer-focused app, it is acquiring a team that has been focused on privacy and security for several years. The deal is considered a small acqui-hire transaction, according to sources.
Coalition specialises in cybersecurity insurance products that use proactive cybersecurity tools. The company scans domain names, IPs, and ports to detect potential cybersecurity risks before they escalate. It also monitors third-party data breaches to identify possible phishing attacks.
Jumbo, on the other hand, provided users with a dashboard to control privacy settings across multiple online services, including Facebook, LinkedIn, Google Maps, and Instagram. The app allowed users to delete old posts, clear search history, and adjust privacy settings. Instead of relying on APIs, Jumbo loaded pages in the background and used Javascript to interact with online services.
Jumbo also offered security features such as checking if two-factor authentication was enabled on Google and Facebook accounts. The app also scanned online databases for potential data breaches of personal information. Recently, Jumbo partnered with IdentityForce to provide identity theft insurance in the U.S. However, the company removed its paid subscription model as it was not sustainable in the long run. Jumbo had considered offering a B2B version of its app but did not pursue it.
Coalition has secured significant funding over the years, with its most recent funding round raising $250 million at a valuation of $5 billion. The acquisition of Jumbo adds a team with expertise in privacy and security to Coalition’s portfolio as it continues to develop proactive cybersecurity solutions.
Main picture: Joshua Motta, Coalition CEO and Founder
Source: TechCrunch
