Synchronoss Announces $100 Million Share Repurchase Program
February 04 2016 - 2:45PM
Business Wire
Synchronoss Technologies, Inc. (NASDAQ: SNCR), the leader in
mobile cloud innovation and software-based activation for mobile
carriers, enterprises, retailers and OEMs around the world, today
announced that its Board of Directors has approved a share
repurchase program under which the company may repurchase up to
$100 million of its outstanding common stock. Synchronoss plans to
make such purchases at prevailing prices over the next 12 to 18
months.
“As we begin 2016, we believe that Synchronoss has a very strong
market position and financial profile, in addition to a large and
expanding addressable market opportunity. We expect to deliver an
attractive combination of solid top line growth, strong profit
margins and expanding free cash flow. In addition, we are making
important investments in our enterprise business, including our
ventures with Goldman Sachs and Verizon, that we believe will
enhance our long-term growth and profitability profile,” said
Stephen G. Waldis, Founder and Chief Executive Officer of
Synchronoss. “In addition to investing in our strategic growth
initiatives, we believe our new share repurchase program is an
excellent way to leverage our strong balance sheet and cash flow in
order to enhance long-term shareholder value.”
The company anticipates that the timing and amount of any share
repurchases will be determined by Synchronoss’ management based on
market conditions and in accordance with the requirements of the
Securities and Exchange Commission. Once adopted, the repurchase
program does not obligate Synchronoss to acquire any particular
amount of common stock, and repurchases may be commenced, suspended
or discontinued at any time without prior notice.
About SynchronossSynchronoss Technologies, based in
Bridgewater, NJ, (NASDAQ: SNCR) is the mobile innovation leader
that provides cloud solutions, secure mobility, and software-based
activation for carriers, retailers, OEMs and enterprises around the
world. The company’s proven, scalable and patented 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
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Synchronoss Technologies, Inc.Media:Stacie Hiras, +1
908-674-0758Stacie.hiras@synchronoss.comorInvestor:Seth Potter, +1
646-277-1230investor@synchronoss.com