Synchronoss Tech to acquire Intralinks in $821 million deal
Synchronoss Technologies Inc. said Tuesday it has agreed to acquire cloud company Intralinks Holdings Inc. in a deal with an equity value of about $821 million. Synchronoss will pay $13 per Intralinks share in a deal expected to close late in the first quarter of 2017. Ron Hovsepian, chief executive of Intralinks, will become CEO of the combined company, with Synchronoss founder and current CEO Stephen Waldis taking the role of executive chairman of the board. "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," Hovsepian said in a statement. Synchronoss is expecting the deal to have no impact on its fourth-quarter financials. It offered initial 2017 guidance of revenue of between $810 million and $820 million and pro forma EPS of $2.45 to $2.60. The company is targeting $40 million of combined synergies within the first year of closing. Intralinks shares were indicating higher premarket, while Synchronoss shares were halted. S&P 500 futures were up 0.3%.
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