Sinch AB SINCH
Sinch's golden-goose subsidiary Inteliquent enables ~45% of US imposter robocalls; with state AGs closing in and zero disclosure, the market is materially mispricing regulatory downside.
Thesis
Sinch AB's 2021 $1.14bn acquisition of Inteliquent transformed its financials — Americas revenue jumped from SEK 6bn to SEK 16.5bn and now drives 62% of group sales — but Grizzly argues that growth rests on grey-market scam and robocall traffic. A December 2025 Anti-Robocall Multistate Task Force notice (led by the Indiana, North Carolina and Ohio AGs) concluded that Inteliquent facilitated roughly 45% of sampled Amazon/Apple and SSA/IRS imposter robocalls, on top of prior FTC and SSA OIG actions. Sinch's compliance footprint is just 8 people versus 91 at Twilio, consumer complaint volumes dwarf peers across Scammer.Info, NumberGuru and BBB, and none of the regulatory exposure has been disclosed to investors. Grizzly concludes enforcement is imminent and will materially impair Sinch's revenue, profitability and valuation.
SCQA
Sinch AB is a Swedish CPaaS provider whose 2021 Inteliquent acquisition turned North America into 62% of revenue and made it the largest independent US voice interconnection network.
Regulators, scam hunters and consumers all identify Inteliquent as the dominant enabler of US scam and robocalls, with a December 2025 multistate AG notice alleging it facilitates ~45% of imposter robocalls — none of which Sinch has disclosed.
Investors should treat Sinch as structurally exposed to imminent regulatory enforcement; management must disclose the task force inquiry and rebuild its near-nonexistent compliance function to peer scale.
Grizzly does not publish an explicit price target but frames the downside as material impairment of revenue, profitability and valuation once enforcement lands, implying meaningful short-side upside.
The three reasons
- 1
Anti-Robocall Task Force found Inteliquent enables ~45% of US imposter robocalls
- 2
Sinch compliance team has only 8 people vs Twilio's 91 — inadequate by design
- 3
Regulatory actions from FTC, SSA OIG and state AGs remain undisclosed to investors
Primary demands
- Investors should reassess Sinch's valuation given undisclosed regulatory risk
- Sinch should disclose the December 2025 Anti-Robocall Task Force notice and related investigations
- Sinch should materially expand its compliance, fraud and KYC teams to peer levels
- Sinch should terminate network access for users abusing its services
KPIs cited
Pattern membership
Composition what's on the 21 slides
Slide gallery ·
Notes
Clean Grizzly-branded short report (navy palette, bear logo, consistent editorial chrome). Argument is well-structured around four investigative angles (consumer, regulatory, industry expert, internal compliance) and leans heavily on primary-source quotes from the Dec 2025 multistate AG task force notice and the Demurrage community report. No explicit price target, no sum-of-parts, no named individual villain — blame assigned to Inteliquent/Sinch as entities. Short position disclosed in boilerplate disclaimer but no percentage. No precedents invoked by analogy. Strong before/after framing around the Inteliquent acquisition and a clear peer-gap chart on compliance headcount (p.18).