Synchronoss Technologies (SNCR 16.44, +0.58) has climbed 3.7% after announcing a review of its strategic alternatives.
Synchronoss provides a cloud-based platform that facilitates messaging, applied analytics, universal ID, and secure mobility services. The company boasts more than 130 patents and its services are utilized by consumer and business customers. Large companies like AT&T (T), Verizon Wireless (VZ), Comcast (CMCSA), Apple (AAPL), and Microsoft (MSFT) are among the best-known customers of Synchronoss.
Shares of Synchronoss have struggled ever since hitting a record high of $54.05 in late 2014. The stock spent more than a year retreating from that level, marking a swing low of $20.33 in early 2016. That swoon was followed by a rally to the $50.00 area, which acted as resistance in late 2016. Unable to punch through that level, the stock faced aggressive selling that resulted in a slide to the $10.00 area in late June. After falling to its lowest level since late 2009, the stock has seen some buying interest in recent weeks, but it remains down 57.0% so far in 2017.
Looking to maximize shareholder value, the company announced it has hired Goldman Sachs and PJT Partners as financial advisors to assist with a strategic review process, which could result in a sale. Siris Capital Group could potentially acquire Synchronoss Technologies, considering the company expressed its interest in acquiring SNCR on June 23.