Synchronoss Technologies, Inc. provides cloud solutions and software-based activation for connected devices worldwide. The company's products and services include cloud-based sync, backup, storage and content engagement capabilities, broadband connectivity solutions, analytics, white label messaging, and identity/access management that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers with embedded connectivity, and multi-channel retailers, as well as other customers to accelerate and monetize value-add services for secure and broadband networks and connected devices. It also provides Synchronoss Enterprise solutions, such as secure mobility management, data and analytics, and identity and access management solutions for the financial, telecommunications, healthcare, life sciences, and government sectors; and Synchronoss Personal Cloud platform that delivers an operator-branded experience for subscribers to backup, restore, synchronize, and share their personal content across smartphones, tablets, computers, and other connected devices. In addition, the company offers software as a service for the organizations to securely manage, control, track, search, exchange, and collaborate on sensitive information inside and outside the firewall. Its products and platforms are designed to enable multiple converged communication services to manage across a range of distribution channels, such as e-commerce, m-commerce, telesales, customer stores, indirect, and other retail outlets. The company markets and sells its services through direct sales force and strategic partners. Synchronoss Technologies, Inc. was founded in 2000 and is headquartered in Bridgewater, New Jersey.
Big sell off yesterday on news: Synchronoss Technologies lost nearly half of its value Thursday. The mobile cloud specialist shocked investors by announcing that CEO Ronald Hovsepian and CFO John Frederick were both departing the company, with the press release saying only that they would "pursue other interests." Founder and Chairman Stephen Waldis will take over as CEO immediately, while Lawrence Irving will take over as CFO. Even worse, Synchronoss warned that its revenue will be $13 million to $14 million below its previous guidance, which works out to a shortfall of roughly 7% to 8%. The executive departures suggest that the integration of Synchronoss with recently acquired Intraworks might not have gone as well as expected, leaving investors with the assumption that it could be some time before the company heals its wounds and starts making substantial forward progress again. -motelyfool.com
