Swedish tech company Sinch has agreed to acquire Chicago-based Inteliquent for more than $1 billion.
Sinch announced Wednesday it's buying Inteliquent for $1.14 billion in cash. Sinch, a Twilio competitor, said the deal will help expand its cloud communications business in the U.S.
Inteliquent, founded in 1997 and previously owned by private equity firm GTCR, is a cloud voice communication platform. It is directly connected to every major telecom carrier and covers 94% of the U.S. population, according to a news release. Its technology lets businesses acquire phone numbers and embed voice calling into their own products. Inteliquent's platform handles more than 300 billion minutes of voice calling per year and it's registered more than 100 million active phone numbers for its customers.
In 2020, Inteliquent recorded revenues of $533 million, with a gross profit of $256 million. It has more than 500 total employees.
In December, Softbank paid $690 million to acquire a 10% stake in Sinch, which the company said at the time it would use to fund acquisitions.
