Cloud, messaging and digital solution provider Synchronoss Technologies has sold its wholly owned subsidiary Intralinks to Siris Capital Group in a deal worth $1bn.
Following the sale, Siris will attain all of the stock in Intralinks. Leif OLeary former Synchronoss executive vice president of strategic financials will serve as the CEO at Intralinks, which will now serve as an independent business.
Synchronoss Technologies develops cloud, messaging and digital transformation products to help businesses create new revenue and reduce costs. The company provides a range of solutions including a personal cloud, cloud analytics, secure messaging, financial assurance analytics and network asset management, among others.
Its financial assurance solution helps offer analytical insights from procurement through to payments. Through the platform a client is able to manage network expenses and automate workflows.
Intralinks allows businesses to securely share data across team workspaces, ensuring global data can be transferred safely. The solution is used by a range of industries including banking and securities, insurance, alternative investments, life sciences and energy, among others.
The capital gained from the sale will be used by Synchronoss to retire its term loan debt.
Synchronoss founder Stephen Waldis said, ?With the completion of the Intralinks transaction, Synchronoss is poised to focus and advance its position as a leading and trusted technology product provider to telecommunications, media and technology (TMT) companies.
?Following this transaction, we expect to have the financial flexibility needed to advance our strategy and pursue key growth sectors in Cloud, Messaging and Digital Transformation with the goal of maximizing value for shareholders.p>
This sale comes alongside a $185m investment made by Siris into Synchronoss last month.
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