Cloud communications platform provider Twilio Inc plans to buy customer data infrastructure company Segment for $3.2 billion, Forbes reported on Friday.
The deal, which had not been finalized as of Friday afternoon, was expected to be at least partially based on Twilio stock, the report added, citing two sources it did not name, reports Reuters.
San Francisco-based Segment has recently been open to acquisition offers, according to the report.
Twilio declined to comment to Reuters. Segment was not immediately available for comment outside regular business hours.
Segment raised $175 million in a Series D funding round in April 2019. The startup said in September that it worked with more than 20,000 businesses including Intuit, FOX and Levi’s, employing more than 550 people.
Cloud companies have seen a surge in demand this year as more businesses use their services to meet the demands of the switch to work from home due to the coronavirus outbreak.
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