Paltalk Achieves Significant Growth
Paltalk has completed a buy back of its shares from investor Softbank Capital Partners, marking the successful conclusion of the venture capital firm's investment and exit strategy. Paltalk is in the unique position of having achieved years of profitability, which enabled the company to buy back its shares from Softbank.
Softbank Capital Partners invested $6 million in Paltalk in April 2004. Paltalk operates on a subscription-based model that allowed it to quickly reach profitability later in 2004 and maintain profitability since then. The company's success as a video chat community has stemmed from its valuable intellectual property, its extensive patent portfolio, advanced video and IM technologies for consumers, a growing population of users, superior user administered chat rooms with highly advanced moderation tools, and corporate and e-commerce offerings to help businesses modernize their communications.
Paltalk provides video and chat capabilities that can facilitate virtual face to face interactions between individuals and between groups. It is the only such provider that can support hundreds of thousands of users simultaneously, including thousands of people within a single chat room. It currently averages more than 90,000 simultaneous users on any given day and has four million members. Paltalk can be used by individuals for personal interactions and by corporations that need to address audiences in real-time or to enliven e-commerce efforts. Paltalk uses a subscription based revenue model that has enabled consistent growth and profitability.
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