Twilio to buy cloud customer data startup Segment for $3.2 billion: Forbes
(Reuters) - The provider of the cloud communications platform Twilio Inc <TWLO.N> plans to buy the customer data infrastructure company segment for 3.2 billion US dollars, Forbes reported on Friday.
The deal, which was pending Friday afternoon, should be based at least in part on Twilio stock, the report added, citing two sources that were not named.
According to the report, the San Francisco-based segment was recently open to takeover bids.
Twilio declined to comment on Reuters. The segment was not immediately available for comment outside normal business hours.
The segment raised $ 175 million in a Series D funding round in April 2019. The startup announced in September that it has worked with more than 20,000 companies, including Intuit, FOX, and Levi's, and employed more than 550 people.
Cloud companies have seen a surge in demand this year as more companies use their services to meet the needs of moving to work from home due to the coronavirus outbreak.
"Twilio is benefiting from the pandemic-induced acceleration of digital transformation," broker JP Morgan said in a statement earlier this month.
Last week, Twilio estimated third-quarter revenue above its previous forecast as the move to remote working and learning increased demand for cloud services.
(Reporting by Juby Babu and Kanishka Singh; Editing by William Mallard)
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