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The investment will be announced on Monday, which could be followed by a merger between telecommunications services company Syniverse and a special-purpose acquisition company to take it public, the report said, citing people familiar with the matter.
The deal values Syniverse at around $2 billion to $3 billion including debt.
There is no guarantee that Syniverse, backed by private-equity firm Carlyle Group (NASDAQ:CG) Inc will go public, either through a SPAC deal or an IPO, the Journal added.
For Syniverse, the Twilio deal involves a commercial arrangement that would send a significant amount of business its way, the newspaper said. Syniverse may also use proceeds from a SPAC deal to make acquisitions, it said.
Both Twilio and Syniverse did not immediately respond to a Reuters request for comment.
