Synchronoss Technologies Shares Higher

May 5, 2017

Synchronoss Technologies shares were 13% higher on Thursday after Siris Capital Group disclosed in a regulatory filing that it holds a 12.93% stake in the company and that it is interested in discussing “one or more potential strategic transactions” with the board.

Siris said that its managing partner, Frank Baker, met with Synchronoss CEO Stephen Waldis on Thursday. “We believe Synchronoss has strong assets in its portfolio that are well-positioned to address both the carrier and enterprise markets,” Baker said in a separate letter to the board. “We may occasionally take positions in public securities in cases where we believe the market price represents an attractive investment opportunity and where we believe Siris could help create value through our institutional resources, capabilities, and expertise.”

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By Caroline Williams

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