ORE Group Holdings, Inc. (NYSE:KORE, KORE WS), a global leader in Internet of Things (“IoT”) Solutions and worldwide IoT Connectivity-as-a-Service (“IoT CaaS”), announced today the signing of a definitive agreement to acquire Twilio’s IoT business unit as part of a growth strategy to provide customers with a unified, seamless approach to launching IoT solutions as the world’s leading pure-play IoT provider. Twilio (NYSE:TWLO), a customer engagement platform that drives real-time, personalized experiences for today’s leading brands, will receive 10 million shares of KORE common stock as consideration for the acquisition, representing approximately 11.5% of KORE’s issued and outstanding shares.
Romil Bahl, president and chief executive officer of KORE, stated that the Internet of Things has enormous potential to transform the world. “Whether it is ushering in the Fourth Industrial Revolution, supporting chronic disease management through remote patient monitoring, or optimizing 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.”
Bahl went on, “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 purchase will introduce to the market:
– A robust connectivity suite that includes industry-leading eSIM technologies with KORE OmniSIMTM and Twilio Super SIM.
– Award-winning technologies and world-class facilities for building, deploying, managing, and scaling IoT operations throughout their entire lifecycle.
– An accelerated time to market via global, 24/7 customer support and 20 years of IoT experience via KORE and the Twilio IoT team’s profundity of digital experience.
Taylor Wolfe, head of IoT at Twilio, stated, “We are just scratching the surface of the opportunities IoT can unlock for customers.” “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.