Lumine Group will acquire Synchronoss for $116.4m, taking the cloud-software firm private, expanding Lumine’s global scale and long-term “buy-and-hold” strategy.
Acquisition – Lumine buys Synchronoss for $116.4m equity value (enterprise value $258.4m), completing its multi-step acquisition and taking the firm private.
Portfolio – Synchronoss brings 11m subscribers, major cloud scale, and strong operator ties to Lumine’s 30-plus telecom/media software businesses.
Strategy – The deal strengthens Lumine’s role as a major consolidator, offering Synchronoss stability, investment, and long-term growth under its perpetual-ownership model.
Canadian tech holding company Lumine Group has agreed a deal to acquire US telecoms software outfit Synchronoss Technologies for $116.4 million in equity value. It values the company at $9 per share, about 70 percent higher than its stock was trading a day prior to the deal’s announcement (December 4). It implies an enterprise value of about $258.4 million, covering its debts and other financial obligations.
Synchronoss provides white-label cloud infrastructure and management services for telecom operators. It will go from being a public to a private company under its new stewardship. The transaction is expected to close in the first half of 2026. It completes a multi-step acquisition of the New Jersey firm, effectively. Lumine acquired two other businesses (its legacy ‘Messaging’ and ‘NetworkX’ units) from it in 2023.
The new agreement will see it take on its core cloud business. Synchronoss says 11 million subscribers use its cloud services; it claims to process 50 million photos per day, and manage 230 petabytes of storage globally. Lumine calls itself a “buy-and-hold forever” acquirer of comms and media software businesses; it bought Nokia’s Device Management (DM) and Service Management Platform (SMP) units for €185 million in late 2023.
Its strategy is to operate and grow businesses, often distressed/under-leveraged software firms, with financial capital and operational support – rather than to build products from scratch, or to strip and flip firms for quick returns. It owns more than 30 companies in more than 50 countries, providing mostly software and services for telecoms-related industries – including business and operations support systems (BSS and OSS), network applications and media monetization, infrastructure management, and other customer-management tools.
It claims more than 1,000 communications and media companies globally. The purchase of Synchronoss cements its position as a major consolidator in telecom/media-software, acquiring a well-established cloud-infrastructure provider that complements its existing roster of businesses. It expands Lumine’s services portfolio, customer base, and global scale; it gives Synchronoss a private ownership structure in a diversified group aligned with long-term stability and potential growth.
Jeff Miller, chief executive at Synchronoss, said: “After three years of collaboration and witnessing firsthand how our former businesses have flourished under Lumine Group’s stewardship, we believe this to be the logical and correct home for our business. For our employees, we believe this will mean more opportunities within a larger organization at scale, while our customers will gain access to enhanced capabilities through Lumine Group’s diversified portfolio.
“This transaction… will deliver immediate, tangible value and position our Company for long-term growth, representing a tremendous opportunity to accelerate innovation, expand our market reach, and provide additional resources to drive our growth strategy. Together, we will be positioned to lead the next generation of mobile cloud storage solutions and capture a larger share of the rapidly expanding market.”
David Nyland, chief executive at Lumine, said: “This acquisition will mark Lumine Group’s first acquisition of a public company and reinforce our mission to protect our customers’ brands and mission-critical solutions with our perpetual ownership. As with every acquisition, once the transaction closes, our first priority will be to enable a seamless transition for both customers and employees as we welcome this business to Lumine Group.”
