Synchronoss Technologies, Inc. (NASDAQ:SNCR), a global leader and innovator of cloud, messaging and digital transformation products, has announced that it has completed the sale of its wholly owned subsidiary Intralinks Holdings, Inc. to an investment fund affiliated with Siris Capital Group, LLC, the company said.
Investment funds affiliated with Siris signed an agreement to acquire all of the stock of Intralinks for approximately USD 1 billion in consideration. Synchronoss intends to use the proceeds from the Intralinks transaction primarily to retire its term loan debt.
Intralinks will now operate as an independent, privately owned portfolio company of investment funds affiliated with Siris. Leif O´Leary, formerly Executive Vice President of Strategic Financials for Synchronoss, has assumed the role of Chief Executive Officer of Intralinks.
Goldman Sachs & Co. and PJT Partners served as financial advisor to Synchronoss, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP served as legal counsel.
Synchronoss (NASDAQ: SNCR) transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging and digital transformation products. Synchronoss today supports hundreds of millions of subscribers across the globe. Synchronoss´ secure, scalable and groundbreaking new technologies, trusted partnerships and incredible talent change the way TMT customers drive and grow their business.