Siris Capital To Buy Intralinks For $1 Bln; Make Investment In Synchronoss

(RTTNews) - Siris Capital Group, LLC said that investment funds affiliated with the company have agreed to acquire 100 percent of the common stock of Intralinks Holdings, Inc., a provider of secure data sharing and enterprise collaboration solutions and a wholly-owned subsidiary of Synchronoss Technologies, Inc. (SNCR).

Synchronoss is a provider of cloud-based, white-label software solutions for communications and media companies. Shares of Synchronoss are gaining more than 12 percent in pre-market activity.

Investment funds affiliated with Siris have also entered into a definitive agreement to make an investment in convertible preferred equity of Synchronoss.

Under the terms of the agreements, investment funds affiliated with Siris will acquire all of the stock of Intralinks for about $1 billion in consideration and Intralinks will become an independent, privately owned portfolio company of investment funds affiliated with Siris.

Investment funds affiliated with Siris will also make an investment in convertible preferred equity of Synchronoss in an amount of $185 million.

Siris' investment would initially be convertible into approximately 19.8 percent of Synchronoss's common stock and would involve certain approval and governance rights, including with respect to the composition of the board as well as certain consent rights relating to the company.

Leif O'Leary, the current Executive Vice President of Strategic Financials for Synchronoss, is expected to assume the role of Chief Executive Officer of Intralinks following the consummation of the Intralinks acquisition.

O'Leary joined Intralinks in 2013 and, prior to Synchronoss's acquisition of the company in January 2017, served as Executive Vice President of Worldwide Sales and Services at Intralinks.

Upon completion of the acquisition of Intralinks, which is expected to be consummated in mid-November 2017, Intralinks will become wholly owned by investment funds affiliated with Siris.