|By Business Wire||
|July 14, 2014 08:41 AM EDT||
Synchronoss Technologies, Inc. (NASDAQ:SNCR), the leader in mobile cloud innovation and software-based activation for mobile carriers around the world, today announced its acquisition of Voxmobili SA, a wholly owned subsidiary of OnMobile Global Ltd. Voxmobili provides address book personal cloud solutions to many of the world’s leading mobile operators. Voxmobili’s customers include AT&T, Airtel, Everything Everywhere, France Telecom, Orange, T-Mobile, and Vodafone. In consideration for the acquisition, Synchronoss paid approximately $26 million USD in cash to OnMobile Global Ltd.
This strategic acquisition will enable Synchronoss to bolster its position as the leading provider of personal cloud solutions to the world’s largest mobile operators. Upon completion of the acquisition and integration of the technology, more than 30 mobile operators worldwide will be using Synchronoss platforms. This customer list includes the three largest carriers in both North America and Europe, the leading carriers in Latin America and several of the largest carriers in Asia Pacific. The company’s combined addressable market will exceed 3 billion subscribers worldwide.
"The network address book has proven to be one of the most valued data classes for mobile subscribers, and is central to our Synchronoss Personal Cloud™ offering,” said Stephen Waldis, founder, chairman and chief executive officer, Synchronoss. “As mobile operators around the world accelerate their personal cloud service rollouts – and subscriber adoption continues to rise – we believe Synchronoss is well positioned for long term growth.”
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 drives bottom line growth by reducing churn. The network address book is a core element of the Synchronoss personal cloud™ that delivers a cross-platform, seamless and native user experience.
Synchronoss expects the acquisition will be neutral to slightly accretive, on a non-GAAP basis, to its full year 2014 financial results. The company will provide details on its second quarter financial results, as well as guidance for the third quarter and full year 2014, on its regularly scheduled earnings call. 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.
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.
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, 2013 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.
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