Synchronoss Technologies, Inc. (NASDAQ:SNCR) has closed the earlier reported sale of $185 million in a freshly created series of preferred stock to associates of Siris Capital Group, LLC. As per the agreement terms, Silver Private Holdings I, LLC, an affiliate of Siris, will get 185,000 shares of Series ‘A’ Convertible Participating Perpetual Preferred Equity of the firm in lieu for cash of $97.7 million and the transfer to Synchronoss of around 5.994 million shares of common stock, nearly 12.6% of the firm’s outstanding stock), exhibiting all the shares held by Silver.
Glenn Lurie, the CEO and President of Synchronoss, expressed that they are thrilled to complete on the investment from Siris and consider this an another promising step forward for company. The additional funds from this deal further strengthens the firm’s financial flexibility and balance sheet as they execute against their growth and product strategies.
Synchronoss is offering those next-generation cloud, digital and messaging products that firms in the technology-media-telecom sector rely on in attempt to differentiate and successfully contend in the world of growing data usage growth in IoT and comprehensive customer experience. They remain hopeful about the future provided their world class consumer base, long-term customer associations, and robust financial profile.
Frank Baker, a Managing Partner and Co-Founder of Siris added that they consider that Synchronoss exhibits an attractive opportunity to establish meaningful shareholder value. He expects joining the firm’s board to collaborate with the management and associate together to help the firm realize its considerable potential. The current digital transformation in the TMT segment requires associates with experience in offering seamless, self-service results at scale to their several end-users and enterprise clients. As it is known, the company has an exceptional track record of offering solutions which delight and engage users throughout the continuously changing customer journey.