KORE and Twilio have signed an agreement for KORE to acquire
the IoT unit of Twilio, bringing best-in-class IoT customers and
talent to KORE
ATLANTA, March 27,
2023 /PRNewswire/ -- KORE 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. As
consideration for the acquisition, Twilio (NYSE:TWLO), the customer
engagement platform that drives real-time, personalized experiences
for today's leading brands, will receive 10 million shares of KORE
common stock, which will represent approximately 11.5% of KORE's
issued and outstanding shares.
"IoT has immense potential to change the world," KORE President
and CEO Romil Bahl said. "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." Continued Bahl,
"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 acquisition will bring to market:
- A powerful connectivity suite, including best-in-class eSIM
technologies with KORE OmniSIM™ and Twilio Super SIM
- A one-stop shop for building, deploying, managing, and scaling
IoT operations throughout the entire lifecycle via award-winning
technologies and world-class facilities
- An accelerated time to market through global, 24/7 customer
support and 20 years of IoT experience through KORE and the Twilio
IoT team's depth and breadth of digital experience
"We are just scratching the surface of the opportunities IoT can
unlock for customers," said Twilio's Head of IoT, Taylor Wolfe. "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.
About Twilio
Today's leading companies trust Twilio's Customer Engagement
Platform (CEP) to build direct, personalized relationships with
their customers everywhere in the world. Twilio enables companies
to use communications and data to add intelligence and security to
every step of the customer journey, from sales to marketing to
growth, customer service and many more engagement use cases in a
flexible, programmatic way. Across 180 countries, millions of
developers and hundreds of thousands of businesses use Twilio to
create magical experiences for their customers. For more
information about Twilio (NYSE:TWLO), visit: www.twilio.com.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering
mission critical IoT solutions and services. We empower
organizations of all sizes to improve operational and business
results by simplifying the complexity of IoT. Our deep IoT
knowledge and experience, global reach, purpose-built solutions,
and deployment agility accelerate and materially impact our
customers' business outcomes. For more information, visit
korewireless.com.
KORE Investors Contact:
Charley Brady
Vice President, Investor Relations
investors@korewireless.com
+1-678-392-2335
KORE Media Contact:
Alisa Moloney
Senior Director of Marketing
Email: amoloney@korewireless.com
+1-770-365-8382
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. In particular, statements
relating to the proposed transaction and its expected consummation,
the conditions precedent to the closing of the proposed
transaction, the attractiveness of the proposed transaction from a
financial perspective; the strength, complementarity and
compatibility of Twilio's IoT business with KORE's existing
business; other anticipated benefits of the proposed transaction;
KORE's business outlook, objectives, development, plans, growth
strategies and other strategic priorities; KORE's estimated
position and strengths in the IoT business; estimations of
addressable markets; and statements relating to KORE's future
growth, results of operations, performance, business, prospects and
opportunities; expectations regarding up-selling and cross-selling
opportunities and intention to capture increased portions of
addressable markets, and other statements that are not historical
facts constitute forward-looking statements. These statements
are based on various assumptions and on the current expectations of
KORE's management. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as and
must not be relied on by any investor or other person as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of KORE.
These forward-looking statements are subject to a number of risks
and uncertainties, including general economic, financial, legal,
political and business conditions and changes in domestic and
foreign markets; the potential effects of COVID-19; risks related
to the rollout of KORE's business and the timing of expected
business milestones; risks related to the possibility that the
closing of the acquisition of the Twilio IoT business may be
delayed or may not occur, and the risk that litigation or other
matters could affect the closing; risks related to the loss,
non-renewal, termination or negotiation of the relationship with
current customers of the Twilio IoT business; risks relating to the
integration of KORE's acquired businesses, including Twilio's IoT
business, changes in the assumptions underlying KORE's expectations
regarding its future business; the effects of competition on KORE's
future business; and the outcome of judicial proceedings to which
KORE is, or may become a party. If the risks materialize or
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that KORE presently does not know or that
KORE currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect KORE's expectations, plans or forecasts of future events
and views as of the date of this press release. KORE anticipates
that subsequent events and developments will cause these
assessments to change. However, while KORE may elect to update
these forward-looking statements at some point in the future, KORE
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing KORE's assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE KORE Wireless