Acquisition
will bolster Synchronoss as the worldwide de facto standard and market
leader in providing Personal Cloud solutions to Operators
BRIDGEWATER, N.J. - Wednesday, February 4th 2015 [ME NewsWire]
(BUSINESS
WIRE) - Synchronoss Technologies, Inc. (NASDAQ:SNCR), the leader in
mobile cloud innovation and software-based activation for mobile
carriers, retailers and OEMs around the world, today announced that it
has entered into an agreement to acquire personal cloud assets from
F-Secure Corporation. With this acquisition, and combined with
Synchronoss’ current global footprint, Synchronoss will now service over
75 Mobile Operators, including nine Tier One Global Providers. These
Mobile Operators will offer Synchronoss direct access to over 3.5
Billion subscribers around the world for its personal cloud platform.
In
consideration for the acquisition, Synchronoss will pay approximately
$60 million USD in cash to F-Secure and the deal is expected to close by
the end of the first quarter of fiscal 2015. F-Secure is an online
security and privacy company that offers millions of people around the
globe the power to safely surf, store and share information via the
internet.
As part of the agreement, Synchronoss will
also have the ability to integrate and sell F-Secure products as part of
its Personal Cloud offering, which will offer operators and subscribers
a more secure and safe cloud, significantly enhancing the value that
Synchronoss can deliver to its customers.
"The success
of our Personal Cloud platform is particularly powerful because we are
not only helping mobile operators drive better-than-expected adoption
that is enabling the cloud to be a core part of their communication
offerings, but the momentum is changing towards better-than-expected
engagement, creating additional monetization opportunities for both
Synchronoss and the Mobile Operator,” said Stephen Waldis, founder,
chairman and chief executive officer of Synchronoss. “With our current
rapid adoption of hundreds of thousands of subscribers per week
globally, and a direct addressable market of 3.5 Billion subscribers, we
are in the early stages of what we believe is a solid long term growth
opportunity.”
The Synchronoss Personal Cloud™ enables
mobile telecommunications operators to offer customers a branded mobile
cloud solution that delivers a world-class customer experience, new
revenue opportunities and bottom line growth by reducing churn.
Synchronoss
expects the acquisition will be neutral to slightly accretive, on a
non-GAAP basis, to its full year 2015 financial results. Non-GAAP
results exclude stock-based compensation expense, amortization of
intangibles associated with acquisitions, non-recurring professional
fees associated with closing acquisitions and the purchase accounting
reduction to deferred revenue associated with acquired companies. The
company will provide details of its fourth quarter financial results, as
well as guidance for the first quarter and full year 2015, on its
fourth quarter and full year 2014 earnings call, scheduled for 8:30 a.m.
(ET) on Thursday, February 5, 2015.
About Synchronoss Technologies, Inc.
Synchronoss
Technologies (NASDAQ:SNCR) is the leader in mobile cloud innovation and
software-based activation for mobile carriers around the world. The
company’s proven and scalable technology solutions allow customers to
connect, synchronize and activate connected devices and services that
empower enterprises and consumers to live in a connected world. For more
information visit us at: www.synchronoss.com.
Forward-looking Statements
This
document may include certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements contained
in this press release that are not historical facts and statements
identified by words such as "expects," "anticipates," "intends," "plans,
" "believes," "seeks," "estimates," “aims ” "outlook" or words of
similar meanings. These statements are based on our current beliefs or
expectations and are inherently subject to various risks and
uncertainties, including those set forth under the caption "Risk
Factors" in Synchronoss' Annual Report on Form 10-K for the year ended
December 31, 2014 and other documents filed with the U.S. Securities and
Exchange Commission. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. Synchronoss does not
undertake any obligation to update any forward-looking statements
contained in this document as a result of new information, future events
or otherwise.
The Synchronoss logo, Synchronoss, and
Synchronoss Personal Cloud are trademarks of Synchronoss Technologies,
Inc. All other trademarks are property of their respective owners
Contacts
Synchronoss Technologies, Inc.
Media:
Stacie Hiras,
+1 908-674-0758
Stacie.hiras@synchronoss.com
Investor:
Brian Denyeau,
+1 646-277-1251
investor@synchronoss.com
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