Twilio makes $3.2 billion acquisition: 5 details

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Twilio, a communications software company, is making a multibillion-dollar purchase to boost its consumer engagement platform capabilities.

In May, Twilio embedded its telehealth platform into Epic's software so clinicians could launch virtual visits with patients through the EHR. In the same month, New York City tapped Twilio to power the city IT and telecommunication department's COVID-19 contact tracing program.

Five things to know:

1. Twilio entered into a definitive agreement to acquire Segment, a customer data platform used by more than 20,000 companies, for around $3.2 billion.

2. Twilio will combine its customer engagement platform with Segment's technology designed to break down organizational silos to develop a complete picture of the consumer.

3. The transaction is expected to close in the fourth quarter and accelerate Twilio's growth with a combined total addressable market of $79 billion.

4. Segment will become a Twilio division after the acquisition.

5. Morgan Stanley & Co. was the exclusive financial advisor to Twilio, and Qatalyst Partners was the exclusive financial advisor to Segment. Cooley LLP was Twilio's legal advisor, and Goodwin Proctor was Segment's legal advisor.

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