Synchronoss Technologies, a global provider of on-demand transaction management software platforms, today announced that it has entered into an agreement to acquire privately-held FusionOne, a specialist in mobile content transfer and synchronization technology.
Upon closing of the acquisition, Synchronoss will pay approximately $40 million, consisting of approximately $32 million in cash and $8 million in Synchronoss stock. Synchronoss may also pay up to an additional $35 million in cash and stock based on FusionOne’s business achieving certain performance targets through 2011. Synchronoss expects the transaction to close during July 2010.
Stephen G. Waldis, President and Chief Executive Officer of Synchronoss, said “As connected devices continue to become a more important part of everyday life for consumers and business professionals, OEMs and carriers need to address the challenge of mobile content transfer and synchronization at the point of activation in order to retain and grow their subscriber base and revenue streams. The combination of FusionOne’s capabilities with Synchronoss’ industry leading ConvergenceNow Plus+ platform creates the most comprehensive and powerful mobility customer experience available in the market.”
FusionOne specialises in mobile content transfer and synchronization software enabling end users the ability to make their content truly mobile across different types of devices. FusionOne launched the industry’s first fully automated mobile content backup service and has automated the mobile data synchronization process for millions of subscribers on a global basis. The company’s technology vision and leadership is reinforced by over 40 issued and pending patents related to mobile content transfer and synchronization services, and it has built out support for over 600 handset models ported across all major mobile platforms. FusionOne has sold subscription services and licenses to many communication service providers, including Verizon Wireless, Cellular South, CenturyLink, Bell Mobility and AT&T among others.
Mike Mulica, Chief Executive Officer of FusionOne, said, “Our customers and prospects have increasingly shared their desire to have mobile content transfer and synchronization technology as a core and integrated component of their activation process. We are at the early stages of rapid growth in the connected device market, and our combined organization and platform capabilities position us well to capitalize on this tremendous opportunity. Today’s announcement is great news for our respective customers, prospects and employees, and I look forward to helping our combined organization realize its full potential.”