Twilio to buy cloud customer data startup Segment for $3.2 billion

Cloud communications platform provider Twilio plans to buy customer data infrastructure company Segment for $3.2 billion, Forbes reported on Friday.

The deal, which had not been finalised as of Friday afternoon, was expected to be at least partially based on Twilio stock, the report added, citing two sources it did not name.

San Francisco-based Segment has recently been open to acquisition offers, according to the report.

TikTok blocked in Pakistan after failing to remove ‘immoral content’

Twilio declined to comment to Reuters. The segment was not immediately available for comment outside regular business hours.

Segment raised $175 million in a Series D funding round in April 2019. The startup said in September that it worked with more than 20,000 businesses including Intuit, FOX, and Levi’s, employing more than 550 people.

Cloud companies have seen a surge in demand this year as more businesses use their services to meet the demands of the switch to work from home due to the coronavirus outbreak.

Android’s new 'Sound Notifications' can alert you when your doorbell rings

“Twilio is a beneficiary of pandemic-catalysed digital transformation acceleration,” brokerage JP Morgan said in a note this month.

Last week, Twilio estimated third-quarter sales above its previous forecast, as the switch to remote working and learning boosted demand for cloud services.