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Investors may now be able to grab a chunk of the technology behind the ultra-successful Uber taxi service, with Twilio, the creator of the cloud-based software powering Uber’s one-on-one conversation technology, announcing its intentions to go public for raising money in an IPO, up to $100 million.
Twilio and Uber
Twilio’s cloud-based technology enables passengers to converse with drivers without revealing their personal phone numbers. This technology is highly useful in facilitating communications between drivers and riders without compromising on rider privacy. It’s at the core of Uber’s success.
Though Uber has clarified it would not be going public now, investors have at least its technology partner Twilio to bite into. Uber, with its $62.5 billion valuation, prefers private marketing capital rather than getting listed since it attracts constant scrutiny. Twilio, on the other hand, has managed to raise over $233 million through venture funding and investments coming from Fidelity Investments, Amazon and Salesforce Venture. Its biggest stakeholders are Union Square Ventures and Bessemer Venture Partners.
Twilio Doing Well Now
Twilio’s revenue soared to $59.3 million in the first quarter, a 78% jump. It resulted in the company narrowing its net loss from $8.8 million to $6.4 million. It will be listed on the NYSE (New York Stock Exchange) under the TWLO ticker symbol, with the underwriters including JP Morgan and Goldman Sachs.
Twilio was founded in San Francisco in 2008, and the widespread use of mobile devices really helped its income and customer base grow. Apart from Uber, other major companies such as TaskRabbit, OpenTable and Nordstrom use Twilio software for chats and notifications. WhatsApp also uses Twilio for verifying users, which contributed to 15% of Twilio’s revenue in the first quarter of 2016.
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