Atlanta, United States – KORE Group Holdings, Inc., a global provider 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 its mission to build initial ‘IoT hyperscaler.’
As consideration for the acquisition, Twilio, the customer engagement platform that drives real-time, personalised experiences for today’s leading brands, will receive 10 million shares of KORE common stock, which will represent approximately 11.5% of KORE’s issued and outstanding shares.
“IoT has immense potential to change the world,” says KORE president and CEO Romil Bahl. “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. Combining the digital prowess of Twilio’s IoT business and the comprehensive connectivity-solutions-analytics portfolio of KORE is a meaningful step toward proliferating IoT and making it more accessible and successful.” continues Bahl, “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 connectivity suite, including eSIM technologies with KORE OmniSIM and Twilio Super SIM
- A one-stop shop for building, deploying, managing, and scaling IoT operations throughout the entire lifecycle via technologies and 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
“We are just scratching the surface of the opportunities IoT can unlock for customers,” says Twilio’s head of IoT, Taylor Wolfe. “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. 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.”
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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March 30, 2023 at 03:58AM by Janmesh Chintankar, Khareem Sudlow
