Synchronoss: The Friends and Family Plan
By Roddy Boyd 20 mins ago
sirf-online.org
By any measure Tuesday December 6 was an extraordinary day for Synchronoss Technologies’ shareholders and employees.
They woke up owning a stake in a company with a market capitalization above $2.2 billion, whose core software enabled consumers to activate, synchronize and store their mobile phone data.
By day’s end, however, Bridgewater, N.J.-based Synchronoss had purchased IntraLinks, an unprofitable data-room developer for almost twice its then share price and said that it had struck a deal to sell its legacy business, the mobile-phone activation unit, in two stages — 70% immediately and the 30% remainder over the course of the next year. Topping it off, Stephen Waldis, the company’s founder and chief executive, took the unusual move of stepping down to let Ron Hovsepian, IntraLinks’ CEO, run the newly combined venture, though he’s remaining on the board of directors with the title of Executive Chairman.
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