The tech company is working with Qatalyst Partners on a possible sale and could be valued at over $2 billion.
Synchronoss Technologies Inc is exploring a sale in the latest indication of brisk takeover demand for many software companies. The Bridgewater NJ company is working with investment bank Qatalyst Partners on the possible sale according to people familiar with the matter.
As of Tuesday’s close, Synchronoss had a market capitalization of about $1.8 billion, meaning that in a takeover it could be valued at well over $2 billion.
Synchronoss has drawn interest from a number of private equity firms the people said. As always in such situations, it is possible a deal for the company won’t materialise.
Synchronoss produces software that allows customers to activate and perform other functions on wireless devices. Its customers include AT&T Inc, Verizon Wireless and Apple Inc according to the company’s website. Synchronoss, which was founded in 2000 and went public in 2008, had $457.3 million in revenue and $38.9 million in net income in 2014, both up significantly. Its shares have jumped 34% in the past year.