Who Owns Synchronoss Company?

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Who Really Controls Synchronoss Technologies?

Unraveling the ownership structure of Synchronoss Technologies is key to understanding its strategic moves and future prospects in the fast-paced tech world. The company's journey, from its founding in 2000 by Stephen Waldis, to its current position, is a story shaped by its investors and their evolving influence. A deeper dive into its ownership reveals critical insights into the company's direction and potential.

Who Owns Synchronoss Company?

Synchronoss Technologies, a public company based in Bridgewater, New Jersey, has seen its ownership landscape shift over time, significantly impacting its strategic decisions. The attempted acquisition by B. Riley Financial in March 2023 highlighted the power of major Synchronoss SWOT Analysis and the influence of key stakeholders. Examining the ownership of Synchronoss, including its major shareholders and the evolution of its Synchronoss ownership, offers valuable insights for anyone tracking Synchronoss stock and its future.

Who Founded Synchronoss?

Synchronoss Technologies, a company focused on cloud and mobile solutions, was established in 2000. The founder of Synchronoss was Stephen Waldis, who brought his experience from a previous role to the new venture. Understanding the initial ownership structure provides insight into the company's early development and financial backing.

Before founding Synchronoss, Stephen Waldis served as the co-owner and COO of Vertek Corporation from 1994 to 2000. Early financial support for Synchronoss came from various sources. The initial funding often involved angel investors, as well as support from friends and family, setting the stage for the company's growth.

Early investors included a group playfully known as the 'Rumson Hitters,' a reference to the New Jersey town where some founders' families resided. By June 30, 2006, the original four executives' stakes were bought out by other undisclosed members of the 'Rumson Hitters.' At that time, no one at the company held an interest in the holding company or Omniglobe, indicating a shift in the ownership structure over time.

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Founder

Stephen Waldis founded Synchronoss Technologies in 2000.

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Early Backing

Initial funding came from angel investors and personal networks.

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'Rumson Hitters'

An early investor group, an inside joke among the founders' families, played a role in early funding.

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Ownership Changes

Early ownership arrangements evolved, with buyouts occurring in the company's early years.

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Historical Context

Understanding the early ownership provides context for the company's subsequent development.

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Financial Foundation

Initial financial backing helped shape the company's trajectory.

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Key Takeaways

The early ownership structure of Synchronoss, as discussed in the Brief History of Synchronoss, involved Stephen Waldis as the founder and support from angel investors, friends, and family. The 'Rumson Hitters' group played a role in the initial funding. The early ownership dynamics highlight the evolution of the company's financial foundation.

  • Stephen Waldis founded Synchronoss in 2000.
  • Early funding included angel investors and personal networks.
  • The 'Rumson Hitters' were an early investor group.
  • Ownership structures shifted over time.

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How Has Synchronoss’s Ownership Changed Over Time?

Synchronoss Technologies (NASDAQ: SNCR) is a publicly traded company, and its ownership structure reflects a mix of institutional and insider involvement. As of February 11, 2025, institutional investors held a significant portion, approximately 49%, of Synchronoss's shares, indicating their considerable influence on the company's direction. This ownership structure highlights the importance of understanding the major stakeholders and their respective holdings in the company.

The ownership landscape of Synchronoss has evolved over time, with key events shaping its current structure. A notable shift occurred in February 2018 when Synchronoss concluded a $185 million preferred stock sale to affiliates of Siris Capital Group, LLC. This investment gave Siris the right to appoint two board members, impacting the company's governance. Understanding the evolution of ownership is crucial for assessing the company's strategic direction and financial stability. For additional insights, you can explore the Target Market of Synchronoss.

Shareholder Category April 2025 May 2025
Institutional Investors Approximately 40.35% Approximately 39.72%
Mutual Funds 18.80% 18.82%
Insiders 2.89% 2.85%

Key institutional shareholders as of March 31, 2025, included Allspring Global Investments Holdings, LLC (4.76%), and Vanguard Group Inc. (3.72%). Insiders, such as Jeffrey Miller, the CEO, held 0.99% of the shares as of April 30, 2025. These figures provide a snapshot of the major players influencing the company's trajectory. The ongoing shifts in ownership, as seen from April to May 2025, underscore the dynamic nature of the Synchronoss stock and its investor base.

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Key Takeaways on Synchronoss Ownership

Institutional investors are the primary stakeholders in Synchronoss, holding a significant percentage of the company's shares.

  • Ownership structure is dynamic, with fluctuations in institutional and insider holdings.
  • Siris Capital Group's investment in 2018 significantly impacted the ownership landscape.
  • Understanding the major shareholders is crucial for evaluating the company's strategy and financial health.
  • The company's stock symbol is SNCR.

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Who Sits on Synchronoss’s Board?

As of April 24, 2025, the Board of Directors of Synchronoss Technologies, Inc. consisted of nine members. The board has the flexibility to adjust the number of directors, with a range set between seven and eleven, as determined by a board resolution. Each director serves a one-year term.

At the annual stockholders' meeting held on June 11, 2025, three Class I directors were elected. Laurie L. Harris and Jeffrey G. Miller were elected to serve until the 2028 annual meeting. Laurie L. Harris has been a board member since July 2019. Jeffrey G. Miller also holds the position of Chief Executive Officer at Synchronoss.

Director Title Since
Jeffrey G. Miller CEO & Director 2020
Laurie L. Harris Director 2019
Frank Baker Director 2018
Peter Berger Director 2018
Other Directors Director Various

The voting structure at Synchronoss involves Class A Common Stock, Class V Common Stock, and Series A Convertible Preferred Stock. As of April 4, 2025, there were approximately 90,651,163 shares of Class A Common Stock, 251,033,906 shares of Class V Common Stock, and 8,483,561 shares of Preferred Stock outstanding. Holders of Class A Common Stock are entitled to one vote per share, while holders of Class V Common Stock have ten votes per share. This structure significantly impacts Synchronoss ownership and control dynamics. To understand more about the company's trajectory, consider reading about the Growth Strategy of Synchronoss.

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Voting Power and Influence

Siris Capital Group, LLC, through its investment in convertible preferred equity in 2018, secured the right to appoint two board members, granting them significant governance rights. In March 2023, B. Riley Financial, Inc., a major shareholder, proposed to acquire all outstanding shares, highlighting the influence of large shareholders and the potential for activist investor campaigns.

  • Board composition changes can be made by board resolution.
  • Class V shares have a higher voting power.
  • Major shareholders can significantly influence company direction.
  • Siris Capital Group has significant governance rights.

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What Recent Changes Have Shaped Synchronoss’s Ownership Landscape?

Over the past few years, Synchronoss Technologies has seen significant shifts in its strategic direction and ownership structure. In November 2023, the company divested its Messaging and NetworkX business units to Lumine Group, streamlining its operations. This move followed a strategic pivot toward a cloud-first approach, emphasizing growth within its cloud business segment.

Financially, Synchronoss has taken steps to improve its capital structure. In June 2024, the company retired a portion of its Series B Preferred stock and reduced its senior note obligation. The company's full-year 2024 results, reported in March 2025, showed a revenue increase of 5.7% to $173.6 million, primarily driven by a 6.0% growth in cloud subscribers. Furthermore, the company refinanced its debt in April 2025, extending its maturity to 2029, further enhancing its financial position.

Metric April 2025 May 2025
Insider Holdings 2.89% 2.85%
Institutional Holdings 39.72% 39.72%
Mutual Fund Holdings 18.82% 18.82%

From an ownership perspective, insider holdings have slightly decreased, while institutional and mutual fund holdings have remained relatively stable. Jeffrey Miller, the CEO, has sold shares in May and June 2025, primarily for tax obligations, while still retaining a substantial share of the company. Analysts anticipate the company to return to profitability in 2025, with projected earnings per share of $1.22 for the fiscal year 2025.

Icon Synchronoss Stock Performance

Synchronoss stock has shown resilience amid strategic changes. The company's focus on cloud solutions and partnerships with major telecom providers like AT&T and Verizon is a key factor. The company's financial restructuring and debt refinancing are also contributing to its stability.

Icon Ownership Trends

Insider ownership has seen a minor decrease, while institutional and mutual fund holdings have remained stable. The CEO's share sales were primarily for tax purposes. These trends suggest a steady but not drastically changing ownership landscape.

Icon Future Outlook

Analysts predict a return to profitability in 2025. The company's strategic focus on cloud solutions and cost discipline positions it for long-term growth. Expanding partnerships with major telecom providers are also a positive sign.

Icon Key Financial Metrics

Annual recurring revenue constitutes a significant portion of total revenue. For Q1 2025, recurring revenue was at 93.1% of total revenue. The company is also working on improving its balance sheet and material free cash flows.

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