October 17, 2017 / 12:27 PM / 5 months ago

Synchronoss to sell cloud software unit to Siris in $1 billion deal

(Reuters) - Software maker Synchronoss Technologies Inc said private equity firm Siris Capital Partners would buy its Intralinks Holding unit in a deal worth about $1 billion, higher than it previous offer.

Siris, already Synchronoss’ top shareholder, will also invest $185 million in the company in the form of convertible preferred equity, equal to a stake of nearly 20 percent in the software maker.

Synchronoss shares were up nearly 11 percent at $15.23 in premarket trading on Tuesday.

The company said Siris will pay it about $977 million for Intralink, a cloud-based business software provider, and an additional contingent payment of up to $25 million.

Siris had in June offered to buy Intralink for nearly $835 million in cash, but pulled its offer in September, and a month later Synchronoss said it got better offers from multiple parties.

Siris and Synchronoss resumed talks on a potential deal worth up to $915 million on Oct. 6. (bit.ly/2y44qie)

Synchronoss had bought Intralinks for $821 million in 2016.

Reporting by Supantha Mukherjee and Sonam Rai in Bengaluru; Editing by Anil D'Silva and Savio D'Souza

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below