KORE Group Holdings, Inc. (KORE/KORE WS), a globally renowned company in Internet of Things (‘IoT’) Solutions and worldwide IoT Connectivity-as-a-Service (‘IoT CaaS’), announced the signing of a definitive agreement to acquire Twilio’s IoT business unit, as part of a growth strategy to provide customers with a unified, seamless approach to launching IoT solutions as the world’s leading pure-play IoT provider.
As consideration for the acquisition, Twilio (TWLO), the customer engagement platform that drives real-time, personalised experiences for today’s major brands, will receive 10 million shares of KORE common stock, which will represent approximately 11.5% of KORE’s issued and outstanding shares.
KORE to acquire Twilio’s IoT business unit
IoT (Internet of Things) has immense potential to change the world
“IoT (Internet of Things) has immense potential to change the world,” said KORE’s President and Chief Executive Officer (CEO), Romil Bahl, adding “Whether it is ushering in the Fourth Industrial Revolution, supporting chronic disease management through remote patient monitoring, or optimising agriculture and supporting sustainability, IoT has many powerful applications.”
He continues, “Combining the digital prowess of Twilio’s IoT business and the comprehensive connectivity-solutions-analytics portfolio of KORE is a meaningful step towards proliferating IoT and making it more accessible and successful.”
Combining KORE’s IoT CaaS offering with Twilio’s IoT portfolio
Romil Bahl adds, “KORE is thrilled to augment our best-in-class IoT CaaS offering with Twilio’s IoT talent and customer portfolio. This acquisition represents exactly the kind of investment we have said we are willing to make to become an exciting top-line growth company, and specifically, we will benefit from the world class digital experience and developer community Twilio has built for its IoT business.”
This acquisition will bring to market:
- A powerful connectivity suite, including best-in-class eSIM technologies with KORE OmniSIMTM and Twilio Super SIM.
- A one-stop shop for building, deploying, managing, and scaling IoT operations throughout the entire lifecycle via award-winning technologies and world-class facilities.
- An accelerated time to market through global, 24/7 customer support and 20 years of IoT experience through KORE and the Twilio IoT team’s depth and breadth of digital experience.
KORE - the right home for Twilio’s IoT business
We are just scratching the surface of the opportunities IoT can unlock for customers"
“We are just scratching the surface of the opportunities IoT can unlock for customers,” said Twilio’s Head of IoT (Internet of Things), Taylor Wolfe.
He adds, “As a global leader in IoT, KORE has the right expertise, vision, and technology to expand the robust offerings that Twilio’s world class IoT team has built.”
Taylor Wolfe continues, “KORE is the right home for Twilio’s IoT business, and we look forward to this acquisition increasing scalability and creating even more powerful business outcomes for our customers going forward.”
Transaction subject to customary closing conditions
Completion of the acquisition transaction is subject to customary closing conditions, including, among other things, the negotiation and execution of certain ancillary agreements.
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