Synchronoss Technologies Set to Join Russell Microcap® Index

Rhea-AI Summary

Synchronoss Technologies (Nasdaq: SNCR) will join the Russell Microcap® Index following the 2024 Russell US Indexes annual reconstitution, effective July 1, 2024. The reconstitution captures the 4,000 largest US stocks as of April 30, 2024, ranked by market capitalization. Membership in the Russell Microcap® Index entails automatic inclusion in relevant growth and value style indexes for one year. CEO Jeff Miller highlighted the strategic focus on high-margin Cloud services and recent operational progress, emphasizing that this inclusion will improve investor visibility and support shareholder value. The Russell indexes are widely used by investment managers and institutional investors, serving as benchmarks for approximately $10.5 trillion in assets as of December 2023.

Positive

• Synchronoss is set to join the Russell Microcap® Index, enhancing visibility among investors.
• Membership in the index indicates Synchronoss ranks among the top 4,000 US stocks by market capitalization.
• Inclusion highlights the company’s successful transformation and focus on high-margin Cloud services.
• The Russell indexes serve as benchmarks for $10.5 trillion in assets, potentially increasing investor interest.

Negative

• None.

BRIDGEWATER, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, is set to join the Russell Microcap^® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective after the US market opens today, July 1.

The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Membership in the Russell Microcap^® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

“Synchronoss’ inclusion in the Russell Microcap^® Index underscores our successful transformation into a focused Cloud company,” said CEO Jeff Miller. “Our strategic focus on high-margin Cloud services and our recent operational progress have resulted in enhanced profitability and positioned us for even greater financial success as we enter the second half of 2024. We expect our inclusion in this well-regarded index to improve our visibility among investors, supporting our ongoing efforts to deliver value for our shareholders.”

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Russell’s US indexes serve as the benchmark for about $10.5 trillion in assets as of the close of December 2023. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell Microcap^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

About FTSE Russell
FTSE Russell is a leading global provider of benchmarking, analytics, and data solutions for investors, giving them a precise view of the market relevant to their investment process. A comprehensive range of reliable and accurate indexes provides investors worldwide with the tools they require to measure and benchmark markets across asset classes, styles, or strategies.

FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. ​​​​​​​

FTSE Russell is focused on applying the highest industry standards in index design and governance, employing transparent rules-based methodology informed by independent committees of leading market participants. FTSE Russell fully embraces the IOSCO Principles, and its Statement of Compliance has received independent assurance. Index innovation is driven by client needs and customer partnerships, allowing FTSE Russell to continually enhance the breadth, depth and reach of its offering.

FTSE Russell is wholly owned by London Stock Exchange Group.

For more information, visit https://www.lseg.com/en/ftse-russell.

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

Investor Relations Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
SNCR@gateway-grp.com

FAQ

When will Synchronoss Technologies (SNCR) join the Russell Microcap® Index?

Synchronoss Technologies (SNCR) will join the Russell Microcap® Index effective after the US market opens on July 1, 2024.

What criteria determined Synchronoss Technologies' (SNCR) inclusion in the Russell Microcap® Index?

Synchronoss Technologies (SNCR) was included in the Russell Microcap® Index based on its market capitalization ranking among the largest 4,000 US stocks as of April 30, 2024.

How long will Synchronoss Technologies (SNCR) remain in the Russell Microcap® Index?

Synchronoss Technologies (SNCR) will remain in the Russell Microcap® Index for one year.

What impact does inclusion in the Russell Microcap® Index have on Synchronoss Technologies (SNCR)?

Inclusion in the Russell Microcap® Index is expected to improve Synchronoss Technologies' (SNCR) visibility among investors and support the company's efforts to deliver shareholder value.

What is the significance of the Russell indexes for investors?

The Russell indexes, including the Russell Microcap® Index, serve as benchmarks for approximately $10.5 trillion in assets, making them widely used by investment managers and institutional investors.