Twilio surges 6% after it agrees to acquire Segment for $3.2 billion
- Twilio surged to record highs on Monday after it agreed to acquire Segment for $3.2 billion in an all-stock deal.
- "Segment lets developers and companies break down those [data] silos and build a complete picture of their customer," Twilio co-founder Jeff Lawson said.
- The deal is expected to close in the fourth quarter of 2020.
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Twilio hit record highs on Monday after it agreed to acquire Segment for $3.2 billion in an all-stock deal.
Segment is a data platform that provides businesses with a unified customer view "to better understand customers and engage more effectively," Twilio said.
"By joining forces and applying our customer data platform to Twilio's engagement cloud, we'll be able to make the entire customer experience seamless from end-to-end," Segment co-founder and CEO Peter Reinhardt said.
"Segment lets developers and companies break down those [data] silos and build a complete picture of their customer," Twilio co-founder and CEO Jeff Lawson said.
This marks Twilio's eighth acquisition since its founding in 2008, and its seventh acquisition since it went public in June 2016. The deal is its largest acquisition ever, surpassing its $2 billion acquisition of SendGrid in 2018.
According to an investor presentation on the deal, the acquisition will expand Twilio's total addressable market by $17 billion.
Twilio surged 6% to $325.99 in Monday trades.
The deal is expected to close in the fourth quarter of 2020, Twilio said, adding that the boards of both companies have approved the merger.
