Technology startups are generally purchased pretty quickly in the modern world when they begin to show signs of success. Major corporations are constantly on the lookout for the next big thing in the world of technology to make sure they stay one step ahead of their rivals. FreedomPop announced itself onto the mobile carrier industry in 2014 with an innovative approach to providing data bundles to its customers at a significantly lower price than the major networks. The company uses the available bandwidth of major networks, retail stores and fast food chains who offer wireless services, which includes charges for customers who consumer more than their allotted data for voice, text and Internet based services.
Recode reports FreedomPop achieved such large levels of success that it is looking to reach the magical figure of one million customers by the end of 2015. Because of this success and the fast rate of growth the company has seen a number of bids in the low hundreds of millions of dollars to acquire it from some of the top mobile service providers in the world. FreedomPop CEO Stephen Stokols has taken the risky decision to turn down all the bids after a long period of soul searching. Stokols believes that by investing in FreedomPop, the company can be valued at as much as $1 billion over a short period of time and either merge with a larger carrier, be sold for a major profit or remain independent. The risk of the decision was made easier by a European based venture capital company finding around $30 million worth of investment for the future of the company. Stokols hopes this will be increased to closer to $100 million when the next round of investment opportunities is announced.