Twilio TWLO shares were trading higher premarket Monday after the company confirmed the acquisition of Segment, a customer data platform, for $3.2 billion in Twilio stock.
The transaction is expected to close during the fourth-quarter of Twilio’s fiscal 2020, which ends Dec. 31.
“Together, Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future,” Segment CEO Peter Reinhardt said in a statement.
Related Link: Why CRM Innovator Twilio Wants To Spend $3B On Segment
"We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. 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."
Twilio is a cPaaS company that allows software developers to integrate messaging and communications functionality into existing or new applications. The firm's programmable communications cloud addresses several use-cases, including programmable voice to make and receive phone calls.
Segment is a customer data platform. More than 20,000 companies like Intuit, FOX, Instacart and Levi’s use Segment to make real-time decisions.
On Oct. 2, Twilio shares hit new 52-week highs after jumping more than 13% in response to a guidance hike during an investor day event.
TWLO Price Action: Twilio stock was trading up 5.42% to $322.84 in Monday's premarket session. The stock has a 52-week high of $310.64 and a 52-week low of $68.06.
Related Link: Twilio Falls On Lower Q1 EPS Guidance
Photo courtesy of Twilio.
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