BRIDGEWATER, N.J.--(BUSINESS WIRE)--Synchronoss Technologies, Inc. (NASDAQ: SNCR) (the "Company" or “Synchronoss”), the leader in mobile cloud innovation for mobile carriers, enterprises, retailers and OEMs around the world, today provided an update on the Board of Directors’ strategic alternatives process.
On September 29, 2017, Siris Capital Partners (“Siris”) informed Synchronoss that Siris would terminate its discussions regarding a potential transaction unless Synchronoss agreed to negotiate exclusively with Siris. Given the status of the process and the continued interest from other parties, Synchronoss determined that entering into an exclusivity agreement with Siris at that time was not in the best interest of the Company’s shareholders. The Company remained in active discussions with multiple parties on what the Board believed to be more attractive proposals compared to the most recent terms being discussed with Siris at that time.
On October 4, 2017, the Company and Siris determined to restart discussions regarding a potential transaction. Those discussions included improved terms compared to those previously discussed. Following those discussions, the Board determined it was in the best interest of Synchronoss shareholders to enter into an agreement with Siris providing for a limited period of exclusivity to allow for negotiation of definitive agreements.
The Company noted that there can be no assurance as to whether or not any transaction will take place, the structure of such a transaction, or the ultimate timing. The Board remains committed to maximizing shareholder value and will carefully consider all available options and make a decision that reflects the best interests of all shareholders.
About Synchronoss Technologies, Inc.
Synchronoss (NASDAQ: SNCR) is an innovative software company that helps both service providers and enterprises realize and execute their goals for mobile transformation now. Our simple, powerful and flexible solutions serve millions of mobile subscribers and a large portion of the Fortune 500 worldwide today. For more information, visit us at www.synchronoss.com.