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LONDON, UK / ACCESSWIRE / June 26, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Synchronoss Technologies Inc. (NASDAQ: SNCR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=SNCR. The mobile cloud technology Company announced on June 23, 2017, that it has received an unsolicited and non-binding acquisition offer from Siris Capital Group, LLC. Siris has made an all-cash offer to acquire all outstanding shares of Synchronoss' common stock at $18 per share, subject to certain conditions. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Application Software industry. Pro-TD has currently selected Bazaarvoice, Inc. (NASDAQ: BV) for due-diligence and potential coverage as the Company reported on June 06, 2017, its financial results for Q4 FY17 and full year 2017 which ended on April 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Bazaarvoice when we publish it.

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Synchronoss' Board of Directors has agreed to review Siris' offer in detail as part of its fiduciary duties. After careful analysis, the Board will take a decision keeping in mind the best interests of the Company and its stakeholders.

The Board has particularly warned its shareholders as well as those trading in the Company's securities that the receipt of the offer from Siris, does not necessarily mean that the offer will lead to a definitive deal with Siris or that a final agreement will be signed. At present, the Board has indicated that shareholders do not have to take any action in this matter.

Siris Capital's Offer

Siris wrote to Synchronoss' Board on June 22, 2017, making a non-binding offer to acquire all outstanding shares of the Company. Siris offered $18 in cash for each Synchronoss' share which represents a premium of 69% of the stock's closing price of $10.65 on June 21, 2017, the day before Siris made the offer. The offer represents a 48% premium of the stock's closing price of $12.18 on June 22, 2017, a day before the offer was disclosed. Siris' offer values Synchronoss at $834.6 million.

Siris has communicated that its offer would deliver great value to the shareholders of the Company. The offer is subject to due diligence, including a review of outstanding shareholder litigation and Synchronoss' financial statements. The final agreement would be signed only after negotiation of terms and conditions agreeable to both parties. Siris has indicated that it would require a six-week time to complete the entire process of due diligence and putting funding in place from the date that it receives the complete data from Synchronoss. Siris has requested a limited time exclusivity on their offer before it proceeds with the due diligence given the time and resources allocated for the same.

Siris has clarified that the letter is not a final offer and that it is a non-binding one and does not carry a legal obligation for either party to discuss, negotiate, or consummate any potential transaction. Any legality will arise only if both parties sign a mutually agreeable final agreement.

As per the recent filings with US Securities Exchange Commission (SEC) on June 22, 2017, Siris holds nearly 12.9% of Synchronoss' outstanding stock, or approximately six million shares; making Siris the largest shareholder of Synchronoss.

Synchronoss Technologies recent history

Synchronoss has been struggling to perform since its acquisition of Intralinks Holdings, Inc. in December 2016 for $821 million. It had sold off its activation business to Sequential Technology International for $146 million on the same day. In April 2017, the Company's CEO, Ronald Hovsepian, quit and CFO, John Frederick, stepped down from his role following the Company's weaker than expected Q1 2017 performance guidance. The Company revealed that its total revenue for Q1 2017 would be $13 million to $14 million less compared to the previously announced expectations. Operating margins were also toned down to between 8% and 10% against the previous guidance of 18% to 20%.

Another negative against the Company was that its Q1 2017 results, which were planned for May 09, 2017, were postponed to May 15, 2017. On May 15, 2017, the Company indefinitely postponed the Q1 2017 results saying that it requires more time to be compiled. The Company said that it would delay the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2017. The Company acknowledged on May 22, 2017, that it has received a notice from NASDAQ's Listing Qualifications Department for non-compliance by not filing its Form 10-Q for Q1 2017. NASDAQ has given the Company a 60-day period to submit a plan to regain compliance.

All this has eroded shareholders' confidence in the Company and the effects have been seen on the stock performance for the last few months. The stock's year-to-date performance is a negative 57.60%. In the last six months, the stock has declined 59.85% and in the last one year it has declined 53.37%.

However, the stock closed at $16.24 with a huge jump of 33.33% on June 23, 2017. Within the last one week, the stock has soared 50.23%. Siris' offer gives shareholders/investors the opportunity to encash and recoup their losses.

About Siris Capital

Siris was founded in 2011 by Frank Baker, Peter Berger, and Jeffrey Hendren as a private equity firm specialized in investments in emerging technologies. Their mission is to bring new thinking and a unique approach to private equity investing, in technology businesses. Siris has raised more than $2.4 billion of cumulative committed capital till date.

Last Close Stock Review

On Friday, June 23, 2017, the stock closed the trading session at $16.24, jumping 33.33% from its previous closing price of $12.18. A total volume of 16.00 million shares have exchanged hands, which was higher than the 3-month average volume of 2.01 million shares. Synchronoss Technologies' stock price surged 24.35% in the last one month. The stock currently has a market cap of $658.53 million.

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