IoT player KORE Group inked a definitive agreement to buy a related unit from cloud communications company Twilio, a move marking further consolidation in the sector.
KORE stated the deal is part of a growth strategy which involves positioning itself as a pure-play IoT provider.
Twilio will to receive 10 million shares of KORE common stock, 11.5 per cent of its issued and outstanding shares.
KORE president and CEO Romil Bahl said the deal combines the digital capabilities of Twilio’s IoT business with his company’s connectivity and analytics portfolio to make IoT more “accessible and successful”.
Closure of the deal is based on several conditions including “the negotiation and execution of certain ancillary agreements”.