Leading Global Operator Selects Synchronoss to Deliver Personal Cloud Offering

Rhea-AI Summary

Synchronoss Technologies has announced a multi-year agreement with a major global operator to deploy its Personal Cloud service to millions of subscribers. This deployment is expected to enhance Synchronoss's financial performance this quarter and transition the company toward a SaaS-based revenue model. The partnership is anticipated to generate new revenue opportunities, improve Average Revenue Per User (ARPU), and reduce churn by enhancing customer engagement. This agreement signifies a significant step in the expansion of Synchronoss's cloud business.

Positive

• Multi-year agreement with a large global operator for Personal Cloud service.
• Anticipated contributions to financial results this quarter and beyond.
• Transition towards a SaaS-based revenue model.
• Potential to become one of the largest cloud deployments over the next 3-5 years.
• Opportunities for new revenue generation and improved ARPU.

Negative

• None.

Leading Provider of Mobile, Telecommunications and ISP Services Rolling Out Personal Cloud Offering to Safeguard Files, Photos, Videos, and Other Digital Content

BRIDGEWATER, N.J., Dec. 01, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in cloud, messaging and digital products and platforms, today announced a multi-year agreement with one of the largest global operators to deploy Synchronoss Personal Cloud to tens of millions of subscribers on its network. This agreement will contribute to Synchronoss’s financial results this quarter, as deployment preparations are underway, and transition into primarily a SaaS-based revenue model as subscribers adopt the service.

As one of the world’s top providers of mobile devices and communications services, this international customer is partnering with Synchronoss to offer an array of value-added services, including the ability to backup and manage files, photos, videos, and digital content stored on mobile phones and other devices. Thanks to the scale and market reach of this service provider, the Company estimates this customer will become one of its largest cloud deployments over the next three to five years. The rollout of the Synchronoss-powered personal cloud solution enables operators to generate new revenue opportunities, improve ARPU, and reduce churn through improved engagement.

“This agreement represents a major milestone in the continued expansion of our cloud business. We continue to empower mobile service providers worldwide with strategic tools to improve customer value,” said Jeff Miller, President and CEO of Synchronoss. “This multi-year agreement exemplifies the increasing importance of cloud offerings to leading operators and further extends our global footprint, representing new growth opportunities for the Synchronoss Personal Cloud platform. Most importantly, the launch of a customer-branded personal cloud solution will enable this operator to form deeper connections with its subscribers and improve key business metrics.”

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Matt Glover / Tom Colton
Gateway Group, Inc.
SNCR@gatewayir.com

FAQ

What is the recent agreement involving Synchronoss Technologies (SNCR)?

Synchronoss Technologies has signed a multi-year agreement with a major global operator to deploy its Personal Cloud service, impacting millions of subscribers.

How will the agreement with the global operator affect Synchronoss (SNCR)?

The agreement is expected to enhance financial results this quarter and transition Synchronoss toward a SaaS-based revenue model.

What benefits does the Personal Cloud service offer to subscribers of the global operator?

The Personal Cloud service allows subscribers to back up and manage files, photos, videos, and digital content on their devices.

What potential impact does the agreement have on Synchronoss's revenue?

The partnership is anticipated to generate new revenue opportunities and improve Average Revenue Per User (ARPU) for Synchronoss.

How significant is this agreement for Synchronoss Technologies (SNCR)?

This agreement represents a major milestone in the expansion of Synchronoss's cloud business, with potential to become one of its largest cloud deployments.