BRIDGEWATER, N.J.--(BUSINESS WIRE)--Synchronoss Technologies, Inc.(NASDAQ:SNCR), a global leader and innovator of cloud, messaging and digital transformation products, today announced that it has completed the sale of its wholly owned subsidiary Intralinks Holdings, Inc. to an investment fund affiliated with Siris Capital Group, LLC. As previously announced, on October 17, 2017, investment funds affiliated with Siris signed an agreement to acquire all of the stock of Intralinks for approximately $1 billion in consideration. Synchronoss intends to use the proceeds from the Intralinks transaction primarily to retire its term loan debt.
“With the completion of the Intralinks transaction, Synchronoss is poised to focus and advance its position as a leading and trusted technology product provider to telecommunications, media and technology (TMT) companies,” said Stephen Waldis, Founder, Chairman and Chief Executive Officer of Synchronoss. “Our renewed focus on the core TMT business allows us to leverage our expertise and drive innovation in these evolving markets and capitalize on long-term growth opportunities in the space. Following this transaction, we expect to have the financial flexibility needed to advance our strategy and pursue key growth sectors in Cloud, Messaging and Digital Transformation with the goal of maximizing value for shareholders.”
Intralinks will now operate as an independent, privately owned portfolio company of investment funds affiliated with Siris. Leif O’Leary, formerly Executive Vice President of Strategic Financials for Synchronoss, has assumed the role of Chief Executive Officer of Intralinks.
As previously disclosed on October 17, 2017, and under the terms of a separate definitive agreement, investment funds affiliated with Siris agreed to make an investment in convertible preferred equity of Synchronoss in an amount of $185 million, subject to the terms and conditions of that agreement, which the Company has previously publicly filed. Subject to satisfaction of the closing conditions in that agreement, this investment is expected to be completed in the first quarter of 2018.
Goldman Sachs & Co. and PJT Partners served as financial advisor to Synchronoss, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel.
About Synchronoss Technologies, Inc. | Synchronoss
Synchronoss (NASDAQ: SNCR) transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging and digital transformation products. Synchronoss today supports hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships and incredible talent change the way TMT customers drive and grow their business. For more information, visit us at www.synchronoss.com.