Synchronoss Positioned for Growth
Citing its early stage expanding relationships with telecom providers like Verizon and Vodafone, plus a long-standing relationship with AT&T;, Bridgewater, NJ-based Synchronoss reported an excellent first quarter and said its “long term growth profile continues to improve.” Synchronoss reported GAAP net revenues of $52.9 million for Q1 2011, an increase of 51% compared to Q1 2010. More information about the company’s Q1 results is available here.
In a conference call, president and CEO Stephen Waldis said that revenue exceeded the company’s first quarter expectations. Basically, Synchronoss offers wireless carriers the ability to activate, connect and manage devices from the phone and in the cloud. The company automates subscriber activation, order management, service provisioning and content transfer and synchronization for connected devices, across communications services including broadband, wireless, cable, from any channel including ecommerce and retail. Ultimately, the company would like to be able to offer the ability for all a user’s devices to be covered by a single data plan, for example. Or for companies to be able to offer devices that can be a business device during the week and a consumer device on the weekend.
Synchronoss completed its acquisition of Fusion One, a company that operated in the same space, and recently acquired a small company called Sabience. In its conference call the company said that Sabience’s knowledge should help the company accelerate its time to market.
At the same time as it announced its results, the company introduced SmartMobility for its ConvergenceNow product line. The company estimates that adoption of all kinds of devices like tablets and smart phones are reaching the billion unit level. Devices will increasingly be running on multiple networks, creating a demand for activation and synch technology that will work cross platform.
