GigCapital, a TMT PPE corporation, agreed to acquire Kaleyra, a profitable CPaaS provider, for the EV for $192m, or 1.5x estimated fiscal 2019 revenue. Kaleyra is a rapidly growing cloud communications software provider delivering secure APIs and connectivity solutions in the API/CPaaS market. “GigCapital is thrilled to partner with Kaleyra, our first transaction using the Private-to-Public Equity (PPE)™ platform methodology, where GigCapital brings its management’s well-recognized and decades-long technology public-market operational and entrepreneurial expertise to enable the successful transition of a late-stage growth technology company like Kaleyra to a US public-market traded entity. Dario and his management team have consistently delivered innovative technology, product leadership, global revenue growth and profitability over the last several years. As a public company, Kaleyra will have a stronger capital structure and greater latitude to excel and achieve its projected accelerated financial growth by organic and strategic means. The combination of Kaleyra and GigCapital brings unique, attractive and promising opportunities to all shareholders, and we are looking forward to working in concert with all to build a new and advanced CPaaS industry leading company,” Dr. Avi Katz, Founder, GigCapital Executive Chairman of the Board, and Chief Executive Officer.