Synchronoss Buys Intralinks To Create Managed Mobility, Cloud Powerhouse
Citing the ability to take a major step “towards significantly expanding the scale and scope of Synchronoss’ transformation to attack the multi-billion dollar enterprise market,” the managed mobility company announced it will be acquiring Intralinks Holdings for $13 per share, or $821 million in equity value.
The transaction was unanimously approved by both organizations’ boards of directors, and is expected to close near the end of 2017’s Q1.
Intralinks, founded in 1996, offers a cloud-based content collaboration network where sensitive information can move freely around the globe securely and within compliance of financial sector regulations. Synchronoss offers scalable software solutions for enterprises in the managed mobility space.
“Intralinks has established itself as a household name in the financial services world over the past 20 years, with a keen focus on growing its presence into the next generation secure content collaboration market over the coming years,” said Stephen Waldis, CEO of Synchronoss in a statement. “This acquisition marks another major step in the transformation of Synchronoss to significantly expand the scale and scope of the company’s enterprise initiatives and strong carrier relationships in attacking this multi-billion dollar market opportunity.”
Current Intralinks CEO Ron Hovsepian will assume the same position for Synchronoss after the acquisition is complete, while Waldis will become the Executive Chairman of the Board for the company.
“Our board of directors unanimously concluded that Syncronoss is the ideal strategic partner for Intralinks and also gives our employees and customers the opportunity to leverage Synchronoss’ deep relationships across the carrier space, cloud expertise, and strong partnerships in the financial services vertical,” Hovsepian said. “Together with Synchronoss, we believe we can deploy enhanced enterprise and mobile solutions to our customers while opening up new enterprise distribution channels across the world.”