Synchronoss Technologies Confirms Receipt of Indication of Interest from Siris Capital Group
June 23 2017 - 10:30AM
Business Wire
Synchronoss Technologies, Inc. (NASDAQ: SNCR) (the "Company"),
the leader in mobile cloud innovation for mobile carriers,
enterprises, retailers and OEMs around the world, today confirmed
that it has received a non-binding indication of interest from
Siris Capital Group, LLC (“Siris”) to acquire all of the
outstanding shares of the Company’s common stock for $18.00 per
share in cash, subject to certain conditions.
The Company’s Board of Directors, consistent with its fiduciary
duties, will carefully review and consider Siris’s indication of
interest and pursue the course of action that it believes is in the
best interests of the Company and its shareholders. The Board
cautions the Company's shareholders and others considering trading
in its securities that the Board just received the non-binding
indication of interest from Siris and no decisions have been made
with respect to the Company's response to the indication of
interest. There can be no assurance that any definitive offer will
be made, that any agreement will be executed or that this or any
other transaction will be approved or consummated. The Company does
not undertake any obligation to provide any updates with respect to
this or any other transaction, except as required under applicable
law. The Company’s shareholders do not need to take any action at
this time.
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.
Forward-looking Statements
Certain statements contained in this press release are
“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
report that are not historical facts and statements identified by
words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “outlook” or words of similar
meanings. These statements are based on the Company’s current
expectations and beliefs and various assumptions. There can be no
assurance that the Company will realize these expectations or that
these beliefs will prove correct. Numerous factors, many of which
are beyond the Company’s control, could cause actual results to
differ materially from those expressed as forward-looking
statements. These factors include, but are not limited to, risks
associated with the ongoing and uncompleted nature of the Company’s
accounting review; fluctuations in the Company’s financial and
operating results; integration of the Company’s Intralinks business
and execution of the Company’s cost reduction plan; the Company’s
substantial level of debt and related obligations, including
interest payments, covenants and restrictions; uncertainty
regarding increased business and renewals from existing customers;
the dependence of the Company’s Intralinks business on the volume
of financial and strategic business transactions; disruptions to
the implementation of the Company’s strategic priorities and
business plan caused by changes in the Company’s senior management
team; customer renewal rates and attrition; customer concentration;
the Company’s ability to maintain the security and integrity of the
Company’s systems; foreign currency exchange rates; the financial
and other impact of previous and future acquisitions; competition
in the enterprise and mobile solutions markets; the Company’s
ability to retain and motivate employees; technological
developments; litigation and disputes and the costs related
thereto; unanticipated changes in the Company’s effective tax rate;
uncertainties surrounding domestic and global economic conditions;
other factors that are described in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016, which is
on file with the SEC and available on the SEC’s website at
www.sec.gov. Additional factors may be described in those sections
of the Company’s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, to be filed with the SEC as soon as
practicable. The Company does not undertake any obligation to
update any forward-looking statements contained in this report as a
result of new information, future events or otherwise.
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Investor and Media:Synchronoss Technologies, Inc.Daniel
Ives, +1 908-524-1047daniel.ives@synchronoss.comorJoele Frank,
Wilkinson Brimmer KatcherMatthew Sherman / Amy Feng / Greg
Klassen+1 212-355-4449