Synchronoss Technologies Inc (NASDAQ:SNCR) said on Thursday it agreed to be acquired by Lumine Group in an all-cash deal valuing the cloud software provider at about $116 million in equity, taking the company private as it seeks to accelerate growth under new ownership.
Lumine, a Toronto-based, TSX Venture Exchange-listed global buyer of communications and media software businesses, will acquire Synchronoss for $9 per share, a roughly 70% premium to the stock’s December 3 closing price. The deal implies an enterprise value of about $258 million.
“We are thrilled to join forces with Lumine Group in this transformative partnership,” CEO Jeff Miller said, adding that the move would “deliver immediate, tangible value” to shareholders and better position the company to expand its mobile cloud storage offerings.
Synchronoss, which stores more than 200 petabytes of data and serves millions of subscribers globally, will keep its brand and remain based in Bridgewater, New Jersey.
Lumine executives said the acquisition — its first of a publicly listed company — fits within its strategy of long-term ownership and expanding its portfolio of mission-critical software providers. “Our first priority will be to enable a seamless transition for both customers and employees,” Lumine CEO David Nyland said.
Synchronoss’ board unanimously approved the deal, which is expected to close in the first half of 2026 pending shareholder and regulatory approvals. Holders of about 21% of the company’s outstanding shares have agreed to vote in favor of the transaction.
Once completed, Synchronoss’ shares will be delisted from Nasdaq.