Synchronoss Technologies Inc (NASDAQ:SNCR), a global provider of personal cloud solutions, announced that it has been added to the Russell 2000 index, effective as of the opening of US markets on Monday, June 30.
The company’s inclusion follows a multi-year business shift, during which it restructured to focus primarily on cloud-based solutions. This transition was aimed at creating a more consistent operating model with improved financial performance.
The company also noted its strong financial performance in the first quarter of 2025, which it said was consistent with its 2024 results.
The Russell 2000 Index tracks the performance of smaller US companies and serves as a widely used benchmark for the small-cap segment of the equity market.
"We’re pleased to see our operational and strategic progress recognized with our addition to the Russell 2000,” Synchronoss CEO Jeff Miller said in a statement.
“We believe that we have a significantly more resilient and predictable model after the conclusion of our pivot to a high-margin, Cloud-only SaaS business, and are well positioned to generate attractive returns for our stakeholders going forward.”
Shares of Synchronoss moved higher on the news, adding almost 9% before Wednesday’s opening bell.