2023-06-01 09:40:29 ET
- Kore Group ( NYSE: KORE ) said it closed the acquisition of Twilio's ( NYSE: TWLO ) IoT business unit.
- As consideration for the acquisition, which was announced in March, KORE issued Twilio 10M Kore common shares, representing ~11.5% issued and outstanding shares of Kore.
- "The Internet of Things has massive potential, and how efficiently and quickly it proliferates in the world depends upon the effectiveness and scalability of the distribution network," said Kore President and CEO Romil Bahl. "With the acquisition of Twilio's IoT business, we are making it even easier to achieve the benefits of IoT across thousands of use cases."
- In connection with the acquisition , Kore is granting equity inducement awards to 18 employees of Twilio, covering a total up to ~1.76M Kore shares as an inducement to such employees.
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Kore completes acquisition of Twilio's IoT business unit