Cloud communications company Twilio is reportedly set to acquire Segment, a customer data platform (CDP), for $3.2bn.

The deal, first reported by Forbes, citing sources, has not yet been finalised but is expected to be at least partially based on Twilio stock. Segment is also known to have been open to offers of acquisition recently.

Segment, founded in 2012, is used by more than 20,000 businesses, including Fox, Gap, Peloton, and Levi’s, to help manage their customer data. It employs over 550 people. It’s not yet known what the acquisition will mean for these employees or for the company’s Co-founders: Peter Reinhardt, Ian Storm Taylor, Calvin French-Owen, and Ilya Volodarsky.

In April 2019, the company raised $175m in a Series D funding round led by Accel, Google Ventures (GV), and Meritech Capital, taking its total funding to over $280m.

Twilio’s expected big money capture of Segment come almost two years after it acquired email marketing platform SendGrid for around $3bn – a fee that leaped from $2bn upon closure of the deal.