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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Vonage Holdings Corp.    VG

VONAGE HOLDINGS CORP.

(VG)
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Vonage : Online Marketplace Carousell Chooses Vonage to Enhance Customer Communications and Safeguard its Platform Against Fraud throughout Asia, Oceania and Canada

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09/02/2020 | 08:01pm EDT

Vonage (Nasdaq: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, has been selected by Singapore-based online marketplace Carousell to safeguard its platform against fraud and enhance the speed and efficiency of customer notifications.

Carousell, a leading consumer-to-consumer and business-to-consumer marketplace for buying and selling of new and second-hand goods, is using Vonage’s Verify API to implement two-factor authentication (2FA) to validate accounts. Using just a phone number, Vonage generates pin codes and employs SMS and voice channels to authenticate new and existing customers throughout Southeast Asia, Taiwan, Hong Kong, Australia, New Zealand and Canada.

Carousell is also using the Vonage SMS API to communicate with sellers and buyers, sending instant alerts whenever there are incoming enquiries and updates on their listings or interested items.

Victor Neo, Director of Engineering at Carousell, said, “We strive to create a trusted and secure marketplace where ‘Carousellers’ need not worry about purchasing counterfeits or falling prey to scams, while protecting brands simultaneously.

“We previously noticed a rise in fraudulent accounts, and these accounts were able to overcome email verifications easily, despite processes in place to block common spam email services. There was also an increase in attempts to sign up for multiple accounts. This made us hesitant to expand into new markets. Vonage’s solutions not only help us shield against the threat of rising spam accounts and fake users, but also increase the reliability of the platform, enabling us to send notifications fast and effectively. We are now confident of launching into new markets with Vonage.”

In addition to Singapore, the company has offices in Malaysia, Indonesia, Taiwan, Hong Kong, Myanmar, Vietnam, and the Philippines. With more than 250 million listings, it is one of the world’s largest and fastest-growing marketplaces in Southeast Asia, Taiwan and Hong Kong.

ACI Worldwide Research reported that global e-commerce retail sales had achieved 209 percent year-over-year revenue growth in April 2020.1 With the sharp increase in e-commerce sales, the threat of fraud also rises. According to a study by Worldpay, the most common types of e-commerce fraud are identity theft (71 percent), phishing (66 percent) and account theft (63 percent).2

“Fraud is a growing concern worldwide, so verifying users has become critical to protecting businesses’ reputation and customers. Vonage’s Verify API not only gives customers the ability to authenticate end-users through their preferred channel, but also to customise the failover workflow process without coding or development,” said Sunny Rao, Vonage Senior Vice President and General Manager for the Asia Pacific region. “Vonage’s SMS API allows businesses to communicate effectively with customers without hassle. Together, these solutions place total control in the hands of customers, ensuring instant global reach and improved customer acquisition minus the complexity.”

The Vonage Communications Platform has more than one million registered developers and offers a full suite of programmable voice, video, messaging, and email services to forward-thinking businesses throughout the Asia-Pacific market and worldwide. Vonage APIs allow developers to easily enhance and build innovative customer experiences directly into their existing applications and devices. Through its partners, Vonage’s platform is at the centre of many notable transformational projects in the region, and a de facto for startups.

To find out more about Vonage, visit www.vonage.com.

###

About Vonage

Vonage, (Nasdaq: VG) a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage's Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging and Verification into existing products, workflows and systems. Vonage's fully programmable unified communications and contact centre applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or anywhere, providing enormous flexibility and ensuring business continuity.

Vonage Holdings Corp. is headquartered in New Jersey, with offices throughout the United States, Europe, Israel, Australia and Asia. To follow Vonage on Twitter, please visit www.twitter.com/vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.

1https://www.forbes.com/sites/louiscolumbus/2020/05/18/how-e-commerces-explosive-growth-is-attracting-fraud/#5a3a1b2e6c4b
2https://www.information-age.com/seven-types-e-commerce-fraud-explained-123461276/#:~:text=According%20to%20the%20study%2C%20the,and%20account%20theft%20(63%25).

© Business Wire 2020

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Financials (USD)
Sales 2020 1 225 M - -
Net income 2020 -27,1 M - -
Net Debt 2020 451 M - -
P/E ratio 2020 -99,7x
Yield 2020 -
Capitalization 2 738 M 2 738 M -
EV / Sales 2020 2,60x
EV / Sales 2021 2,44x
Nbr of Employees 2 264
Free-Float 72,3%
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Mean consensus BUY
Number of Analysts 14
Average target price 14,31 $
Last Close Price 11,15 $
Spread / Highest target 48,0%
Spread / Average Target 28,3%
Spread / Lowest Target 7,62%
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Managers
NameTitle
Rory P. Read President, Chief Executive Officer & Director
Jeffrey Adam Citron Chairman
Timothy S. Shaughnessy Chief Financial Officer
Sagi Dudai Chief Technology Officer
Sanjay Macwan Chief Information Security Officer & SVP
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