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Investing.com -- Twilio Inc (NYSE:TWLO) stock surged 4.6% following the announcement that the company will be added to the S&P MidCap 400 index, replacing Amedisys Inc (NASDAQ:AMED).
S&P Dow Jones Indices revealed that the cloud communications platform provider will join the index prior to the opening of trading on Tuesday, August 19. The change comes after S&P 500 and S&P 100 constituent UnitedHealth Group Inc (NYSE:UNH) completed its acquisition of Amedisys today.
Twilio, which has a market capitalization of approximately $15.5 billion, offers a platform that enables developers to integrate messaging, voice, and video capabilities into applications through APIs. The company was founded in 2008 and provides communication infrastructure solutions to businesses worldwide.
The platform powers customer engagement for numerous companies, including major players like Uber and Airbnb. Twilio’s services support various communication channels such as SMS, WhatsApp, and email, with an emphasis on providing scalable solutions that simplify communication infrastructure.
Index inclusion typically increases demand for a company’s shares as funds tracking the index must purchase the stock to maintain accurate representation of the benchmark.
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