Synchronoss Technologies Issues Statement Regarding Strategic Alternatives Process
September 29 2017 - 6:05PM
Business Wire
Remains in Discussions with Multiple Parties
Regarding Potential Strategic Transaction
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
issued the following statement regarding the Board of Directors’
ongoing strategic alternatives process:
Synchronoss’ Board of Directors continues to
be committed to enhancing value for all shareholders. The Board’s
strategic alternatives process remains underway and it continues to
explore a full range of strategic, operational and financial
alternatives.
Siris Capital Partners (“Siris”) recently
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 has
determined that entering into an exclusivity agreement with Siris
at this time is not in the best interest of the Company's
shareholders. The Company remains in active discussions with
multiple parties and has received what the Board believes to be
attractive proposals compared to the most recent proposal from
Siris.
The Board will carefully consider all options
and make a decision that reflects the best interest of all
shareholders and maximizes value. 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.
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, including statements
regarding our exploration and evaluation of strategic alternatives
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. There can be no assurance that the strategic review
process will result in any transaction or strategic alternative, or
any assurance as to its outcome or timing. 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 and June 30, 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 press release as a result of new
information, future events or otherwise.
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