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It is illegal to download this kind of software on someone's phone without their consent, unless they're a minor, according to m Spy's website. The privately held Snapchat is selective about what figures it makes public, but it is likely losing money given its lack of ads.

Still, Snapchat is attracting attention from potential investors.

A software called m Spy allows parents to see what their children are sending on Snapchat, as well as who they're calling, texting, emailing and where they are.

Developer and Partner Shane Diffily told FOX 17 it works to keep kids safe by preventing cyberbullying and sexting.The app targets 18 to 25 year-olds and mystifies most people who are older.But parents who are willing to shell out a month, and spy on their kids, can find out exactly what their children are Snapchatting.SALT LAKE CITY -- A recent University of Utah study found nearly one in five students surveyed sent a sexually explicit image, or a sext, while in high school, and even more reported they had received such photos.Doctor Donald Strassberg is a professor of psychology at the University of Utah, and he spoke about the prevalence of sexting among teens.