Acquisition will bolster Synchronoss as the worldwide de facto
standard and market leader in providing Personal Cloud solutions to
Operators
BRIDGEWATER, N.J.--(BUSINESS WIRE)--Feb. 4, 2015--
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
Source: Synchronoss Technologies, Inc.
Synchronoss Technologies, Inc.
Media:
Stacie Hiras, +1
908-674-0758
Stacie.hiras@synchronoss.com
Investor:
Brian
Denyeau, +1 646-277-1251
investor@synchronoss.com