Synchronoss Announces Sale of Messaging and NetworkX Businesses to Lumine Group as Part of Ongoing Strategic Alternatives Review Process - Seite 2

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial (Nasdaq: RILY), Synchronoss’ largest shareholder, commented: “This transaction facilitates the transformation of Synchronoss into a more streamlined, higher margin business that aligns with the strategic vision we had when we made our initial investment in the Company. We believe that this step, in conjunction with the previously announced extension of Synchronoss’ contract with Verizon through 2030 and new customer wins, positions the Company well to unlock value for all shareholders of Synchronoss. We look forward to continuing to be a supportive shareholder of the Company.”

Transaction Summary
Under the terms of the agreement Lumine Group, an experienced acquirer of corporate divestitures and operator of communications and media companies in business and operations support systems (B/OSS), acquired Synchronoss’ Messaging and NetworkX businesses. In connection with the transaction, both parties have agreed to provide comprehensive transition services for employees, customers, and system operations. Synchronoss and Lumine customers are expected to experience a seamless transition as both operations and employees from the Messaging and NetworkX teams are integrated into Lumine Group’s portfolio of businesses.

David Nyland, CEO of Lumine Group, noted: “This acquisition reinforces Lumine Group’s mission to build a leading network of communications and media software companies. These businesses bring with them an experienced leadership team and a strong, global customer network we look forward to serving. As with every acquisition, our first priority is to enable a seamless transition for both customers and employees as we welcome these businesses to Lumine Group.”

Synchronoss will make an accompanying presentation slide deck available on the Company's investor relations website today, coinciding with the release of this announcement.

About Synchronoss Technologies
Synchronoss Technologies (Nasdaq: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.