IoT virtual mobile network operator (MVNO) KORE Wireless Group has signed a deal to acquire the IoT division of customer engagement platform company Twilio. The Atlanta-based firm said the move confirms it as the “world’s leading pure-play IoT provider”; it also suggested it will make it an “exciting top-line growth company”, and put it on the road to be the “world’s first IoT hyperscaler”.
The proposed deal will see Twilio receive 10 million shares of KORE common stock, representing around 11.5 percent of its total issued and outstanding shares. A statement said: “This acquisition will bring to market a powerful connectivity suite, including best-in-class eSIM technologies, a one-stop shop for building, deploying, managing, and scaling IoT operations… [and] an accelerated time to market through global 24/7 customer support.”
Romil Bahl, president and chief executive at KORE, said: “[This] is a meaningful step toward proliferating IoT and making it more accessible and successful… This acquisition represents exactly the kind of investment we have said we are willing to make to become an exciting top-line growth company… We will benefit from the world-class digital experience and developer community Twilio has built for its IoT business.”
Taylor Wolfe, head of IoT at Twilio, said: “We are just scratching the surface of the opportunities IoT can unlock for customers… KORE has the right expertise, vision, and technology to expand the robust offerings that Twilio’s… 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.”
