Synchronoss to sell cloud software unit to Siris in $1 billion deal * Mareeg.com somalia, World News and Opinion.
Mareeg Media
Somalia

Synchronoss to sell cloud software unit to Siris in $1 billion deal

Reuters-Software maker Synchronoss Technologies Inc said private equity firm Siris Capital Partners would buy its Intralinks Holding unit in a deal worth about $1 billion, higher than it previous offer.

Siris, already Synchronoss’ top shareholder, will also invest $185 million in the company in the form of convertible preferred equity, equal to a stake of nearly 20 percent in the software maker.

Synchronoss shares were up nearly 11 percent at $15.23 in premarket trading on Tuesday.

The company said Siris will pay it about $977 million for Intralink, a cloud-based business software provider, and an additional contingent payment of up to $25 million.

Siris had in June offered to buy Intralink for nearly $835 million in cash, but pulled its offer in September, and a month later Synchronoss said it got better offers from multiple parties.

Siris and Synchronoss resumed talks on a potential deal worth up to $915 million on Oct. 6. (http://bit.ly/2y44qie)

Synchronoss had bought Intralinks for $821 million in 2016.

(Reporting by Supantha Mukherjee and Sonam Rai in Bengaluru; Editing by Anil D’Silva and Savio D’Souza)

Get real time updates directly on you device, subscribe now.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Do NOT follow this link or you will be banned from the site!