Tata Communications (TCom) has agreed to acquire Kaleyra, a US-based omni- channel integrated CPaaS player for enterprise value of US$250mn (0.73x CY22 sales). This is likely to enhance TCom’s global position in CPaaS services (which is growing at 25% CAGR as per Juniper), and with The Switch acquisition, TCom’s position in the US may become stronger.