EIN Presswire | Newsmatics
Privacy-Focused Parallel Communications Announces Acquisition of Momenel
News provided byEIN Presswire
Sep 18, 2023, 7:00 AM ET
Acquisition expands Parallel's privacy focus into new social media ventureOZARK, MISSOURI, UNITED STATES, September 18, 2023/EINPresswire.com/ -- Parallel Communications today announces the acquisition of social media platform Momenel in an all-cash deal. The acquisition will enable Parallel Communications to expand its privacy-protection products with a new social media application.
Parallel Communications’ privacy-protection products have seen a dramatic uptake from consumers. Privacy violations from Big Tech, data brokers, and government agencies have created new awareness of data vulnerabilities of consumers. Parallel Communications provides hardware and software solutions to these privacy challenges.
Founded in 2021, Parallel Communications believes that privacy-protecting products and services don’t need to be complicated or involve performance trade-offs. Unlike most Big Tech firms, data brokers, and government agencies, Parallel Communications believes that customers shouldn’t be treated as a product through the siphoning of their personal, private data. Products offered by Parallel Communications allow consumers to “escape the surveillance economy.”
Momenel was founded in 2022 as a privacy-first social media platform. The acquisition provides Parallel Communications an existing social media platform that is built on open-source, privacy-centric software. All ongoing operations will be handled by Parallel Communications and relocated to Ozark, Missouri from Brooklyn, New York.
“Traditional social media platforms don’t respect their users’ privacy. They collect data, sell data, use data to train their AI projects,” said Bryan Plowman, Chief Enthusiast of Parallel Communications. “This is the issue we are solving at Parallel Communications and the acquisition of Momenel marks an important milestone for the company. The expansion into social media allows Parallel Communications to continue to lead the way into a privacy-respecting future.”
“I built Momenel to provide a privacy-first social media alternative. Building it with open-source code provides a new level of transparency not available elsewhere. Combining the solid Momenel platform with the privacy experience of Parallel Communications makes for an extremely exciting future,” said Farhan Haider, CEO of Momenel.
Parallel Communications, a startup founded in 2021, offers privacy-protecting products to help consumers escape the surveillance economy. Routers, cloud storage devices, and cell phones by Parallel provide data protection in fully featured electronics. Parallel Communications is based in Ozark, Missouri and its website is https://www.parallelprivacy.com/
Momenel was founded in 2022 and is a privacy-first social media app available on Apple and Google Play stores. Momenel believes in a better social media experience that prioritizes privacy. Momenel was based in Brooklyn, NY and its website is https://www.momenel.com/
NOTE: This content is not written by or endorsed by "WTEN", its advertisers, or Nexstar Media Inc.