Elephant Talk May Acquire Controlling Interest in ValidSoft

Elephant Talk Communications, an international telecom and multimedia content distributor specializing in carrier grade mobile enabling platforms, has entered into a letter of intent to acquire controlling interest in ValidSoft Limited.


ValidSoft provides products and services designed to meet the needs of organizations operating in dynamic business environments where e-channel applications provide competitive advantage.

The demands of today's business environment have increased dramatically in recent years, driven by technologies such as the Internet, card, e-Business and the penetration of mobile phone technology into all aspects of business.

ValidSoft officials claim that it solutions provide Strong Authentication and Transaction Verification capabilities allowing organizations to quickly implement solutions that protect against the latest sophisticated fraud and are yet simple and convenient for users.

Elephant Talk Communications officials said that this strategic transaction will combine ValidSoft's best in class proprietary software with Elephant Talk's telecommunication platform to create a fraud prevention total solution on the market.

"Identity theft and electronic bank fraud account for many billions of dollars in stolen currency every year. We are confident that ValidSoft's fraud prevention software solutions combined with Elephant Talk's global telecom network are the perfect way to combat the worldwide fraud dilemma, and bring innovative products to mobile phone subscribers”, said Pat Carroll, CEO of ValidSoft, in a statement.

Carroll said that ValidSoft has received incredible feedback from two major European banks that have piloted the ValidSoft solution. Another benefit of the company product is that a great majority of the stolen funds from electronic fraud are used to support organized crime and terrorist activities globally. Many governments throughout the world are making it a top priority to put a stop to these organization's activities and the company believes that its solution can play a critical role in that endeavor, he added.

Elephant Talk Communications officials said that in addition to providing secure transactions, ValidSoft, along with the company’s converging services platform, will also specialize in Location Based Services that allows for targeted mobile advertising and instant mobile coupons to be provided to shoppers via their mobile devices while they are in relevant retail locations.

Officials pointed out that users will also be provided mapping/navigating services, instant rewards programs, secure transaction services, anti-fraud plastic card/phone matching services, security services, personal protection and online medical applications.

"These services will be utilizing the existing network infrastructure whilst further developments will take place leveraging emerging technologies such as WIFI/WiMAX (News - Alert)/4G, while at the same time addressing the new security challenges that come with "anytime, anywhere communications," stated Martin Zuurbier, CTO of Elephant Talk Communications.

"We will see more need for integrated security as system and possibilities emerge within our mobile enabling platforms proposals for the integration of Banking or Health Care Services with for example Near Field Communication Services to support identification, payment and personal (medical) records," Zuurbier said.

Steven van der Velden, CEO of Elephant Talk Communications, said that ValidSoft will greatly increase Elephant Talk’s offerings. He said ValidSoft's software, in combination with its telecommunications network infrastructure, can greatly reduce fraud, thus save banking institutions and governments billions of dollars in the immediate future.

 

He added that the acquisition will allow the company to offer an innovative proprietary solution, which will increase its global footprint and improve market share.

“By joining forces, we believe that the (potential) customers and shareholders of both companies will greatly benefit," Velden said.