Essential, a smartphone company founded by Android founder Andy Rubin, has announced the acquisition of CloudMagic, the parent company of Newton Mail app which shut down a few months ago.
The company has not revealed the financial details related to this deal. The transaction is quite interesting given that Essential itself was looking to sell its business and was scouting potential buyers.
Confirming this development and commenting on the acquisition, Essential Products’ spokesperson said, “We are always on the lookout for companies with great technology and talent to help accelerate our product roadmap.”
CloudMagic was launched in 2013, with an eponymous free email service across all platforms, and broke out as a major player in the space. In 2016, the product was relaunched as Newton Mail, as a premium subscription-based email application.
Newton Mail quickly acquired a niche following, with more than 40,000 paid subscribers, even though the company was charging a hefty $50 subscription charge on a yearly basis. However, that didn’t go very well and the company shut down in September this year.
The acquisition of an email app could be useful for the company as there are rumors suggesting that the company is working on
He has been a technology writer since more than five years. At The Tech Portal, he covers gadgets, startups and the good and bad of tech.