California based cloud communication Tech Company Twilio Inc. (TWLO) will be acquiring customer data platform Segment in a deal worth $3.2 billion. Forbes was the first to report on the matter citing having secured the news from reliable sources.
According to the sources, talks concerning the deal are on advanced stages but it’s yet to be finalized. However, price of Twilio’s stock will partly determine final price of the deal.
Segment assist its clients to collect, clean and control customer data the company was founded in 2011 and it’s based in San Francisco.
Citing the publication Segment has been open for any favorable acquisition offers for an extended period of time.
Demand for cloud computing services has been on the surge due to staying at home restrictions imposed across the world sue to the pandemic. During the past week, Twilio increased its sales estimate in the third quarter higher than what it posted last year.
The company said the demand increase for cloud services due to remote working and learning was the main reason for the increase.
