Russell 2000(R) Adds Synchronoss Technologies, Inc. to Its Index
BRIDGEWATER, N.J.--(BUSINESS WIRE)--Oct. 3, 2006--Synchronoss Technologies, Inc. (Nasdaq: SNCR), a leading software provider of order management solutions to the communications services marketplace today announced that it has recently been added to the Russell 2000(R) Index, effective as of the close of business on September 29, 2006. In other news, Synchronoss announced that they were named the third fastest growing software company by Baseline Magazine.
Membership in the Russell 2000, which remains in place for one year, includes automatic inclusion into the Russell 3000 Index as well as the appropriate growth and style indexes. Russell determines membership for its equity indexes primarily by objective, market capitalization rankings and style attributes.
Stephen G. Waldis, president and CEO of Synchronoss Technologies stated, "We are very pleased to have been selected to join the Russell 2000 Index. We believe that our inclusion reflects the strong interest in our company since becoming a publicly traded company a few months ago, and will further improve our visibility among a broader group of institutional investors and index funds."
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $3.8 trillion in assets currently are benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
Synchronoss Technologies also announced today that the company was ranked third in Baseline Magazine's list of the 50 fastest growing software companies in 2006 published on September 29th. The article noted the growing demand among communications service providers to lower their operational efficiencies. The complete article can be found at www.baselinemag.com.
About Synchronoss Technologies, Inc.
Synchronoss Technologies (Nasdaq:SNCR) is the premier provider of on demand transaction management software to Tier One communications service providers. Synchronoss enables service providers to drive growth in new and existing markets while delivering an improved customer experience at lower costs. The company's flagship ActivationNow(R) software platform automates, synchronizes and simplifies electronic service creation and management of advanced wireline, wireless and IP services across existing networks. Tier One Synchronoss clients include AT&T, Cablevision Systems Corporation, Cingular Wireless, Level 3 Communications, Time Warner Cable, Verizon Business Solutions, and Vonage. For more information, please visit www.synchronoss.com.
About Russell Investment Group
Russell, a global leader in multi-manager investment services, provides investment products and services in 44 countries. Russell manages more than $167 billion in assets and advises clients worldwide representing $2.4 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. For more information, go to www.russell.com.
CONTACT: Synchronoss Technologies, Inc.
Tim Dolan, 617-217-2230
Dana Mellecker, 202-210-6980
SOURCE: Synchronoss Technologies, Inc.