BRIDGEWATER, N.J.--(BUSINESS WIRE)--May. 9, 2012--
Synchronoss
Technologies, Inc. (NASDAQ: SNCR), the world’s leading provider of
transaction management, cloud enablement and connectivity services for
connected devices, today announced that its Board of Directors has
authorized a stock repurchase program under which the company may
repurchase up to $25 million of its outstanding common stock.
Synchronoss plans to make such purchases at prevailing prices over the
next twelve months, subject to applicable rules and regulations of the
Securities and Exchange Commission.
“We believe that Synchronoss is well positioned to drive solid revenue
growth and profitability for 2012 and beyond. Our positive outlook is
reinforced by today’s announcement of a share repurchase program, which
we believe is an attractive use of Synchronoss’ cash to enhance
shareholder value,” said Stephen G. Waldis, Founder and Chief Executive
Officer of Synchronoss. “We believe our relationship with AT&T remains
strong and provides attractive long-term growth potential. In addition,
the increasing diversity of our business is being driven by our
expanding strategic customer relationships with Tier One service
providers such as Verizon and Vodafone among others. Across our
portfolio of customers and prospects, we are seeing growing interest in
our highly differentiated cloud-based mobility services strategy, and we
are increasingly leveraging our business model to the long-term growth
of connected devices.”
Any purchases under the stock repurchase program may be made, from time
to time, in the open market, through block trades or otherwise. The
program does not obligate Synchronoss to acquire any particular amount
of common stock and purchases may be commenced or suspended at any time,
or from time to time, without prior notice based on market conditions
and other factors.
About Synchronoss Technologies, Inc.
Synchronoss Technologies (NASDAQ: SNCR) is the world’s leading provider
of transaction management, cloud enablement and connectivity services
for connected devices. The company’s technology platforms ensure a
simple and seamless on-demand channel for service providers and their
customers. For more information visit us at:
Web: www.synchronoss.com
Blog: http://blog.synchronoss.com
Twitter: http://twitter.com/synchronoss
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," “outlook” or words of similar
meaning. 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’ Registration Statement on Form S-1 and the form
of the prospectus contained therein, as amended and the Company’s Annual
Report on Form 10-K for the year ended December 31, 2011, as filed with
the 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, ActivationNow, ConvergenceNow and
ConvergenceNow Plus+ are trademarks of Synchronoss
Technologies, Inc. All other trademarks are property of their respective
owners.
Source: Synchronoss Technologies, Inc.
Synchronoss Technologies
Investor:
Brian Denyeau,
646-277-1251
or
Tim Dolan 617-956-6727
investor@synchronoss.com
or
Media:
Stacie
Hiras, 908-547-1260
stacie.hiras@synchronoss.com