Synchronoss Technologies Makes Strategic Moves to Boost Innovation
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display on mobile devices. “The network traffic is dramatically reduced because the size of the file is much smaller,” Nair says.
In addition to access to technology for the social sphere, the acquisition of Miyowa helps deepen Synchronoss’s relationships with Facebook, Microsoft, and Twitter. Nair says those companies provide access to application programming interfaces that help Miyowa’s platform replicate the look and performance of their respective social and messaging software.
Miyowa’s customers include device makers Samsung and HTC, French telecom giant Orange, and it has partnerships with other social networks and messaging services such Google Talk and AOL Instant Messenger.
The acquisition of Miyowa is not the only way Synchronoss is expanding. On March 27 Synchronoss moved to its current 80,000-square-foot headquarters in Bridgewater, from a nearby 30,000-square-foot office. The company’s coffers are also filling up. For its fiscal year ended Dec. 31, 2011, Synchronoss reported net income of $15.1 million on $229 million in revenue. That compares with net income of $3.9 million on revenue of $166 million for the prior year period. The company’s stock has jumped 24 percent to $30.24 in the last six months.
Synchronoss first made a name for itself by providing software used to activate wireless subscriptions for iPhones when they debuted in 2007. The company continues to diversify its technology and strategy through internal growth and buyout targets. Myowa is just the latest acquisition by Synchronoss, and Nair says the company is open to other potential deals that offer up innovation.
In 2010 Synchronoss acquired FusionOne in San Jose, Calif. for $32 million cash and $7.1 million in stock. FusionOne developed software that synchronizes files and content on various devices. Nair joined Synchronoss in March 2011 through the $5.8 million acquisition of his own startup, Chicago’s Sapience Knowledge Systems. Nair was CEO of Sapience, which developed software for customer relations and churn management for wireless companies.
Nair says connected devices are evolving as social networks become more entwined in traditional communications. Address books on mobile devices more frequently include LinkedIn contact information alongside telephone numbers and e-mail addresses. Users have more choices when it comes the way they communicate through these devices and Synchronoss is positioning itself to provide platforms to seamlessly manage these multifaceted conversations, Nair says. “The acquisition of Miyowa accelerates our strategy to integrate such social communication,” he says.