Lumine Group Acquires Synchronoss' Messaging & NetworkX Business Units

TORONTO, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Lumine Group Inc. ("Lumine Group" or "the Company") (TSXV: LMN), a global buy-and-hold forever acquirer of communications and media software businesses, today announced that it has completed the acquisition of the Messaging & NetworkX business units from Synchronoss (Nasdaq: SNCR). This will mark Lumine Group's ninth divestiture transaction in the communications and media space.

Messaging and NetworkX are primarily the result of three previous acquisitions by Synchronoss, namely SPATIALinfo, Razorsight, and Openwave Messaging. Following the acquisition, Lumine Group will restore the brands to operate as three autonomous business units.

Synchronoss, founded in 2000, is dedicated to serving global communications service providers, initially with business process optimization services and service activation solutions. Over recent years, Synchronoss has embraced a cloud-first strategy, resulting in growth within their cloud business as well as driving global customer expansion.

"Lumine Group is an experienced acquirer of corporate divestitures and well positioned to support the future ambitions of these businesses," said Jeff Miller, CEO of Synchronoss. "This acquisition helps ensure a smooth transition for our employees and valued customers, while sharpening Synchronoss' operational focus and bolstering our market presence."

Tony Garcia, Group President at Lumine Group, commented: "We are thrilled to welcome these businesses from Synchronoss to Lumine Group, complementing our expanding ecosystem of communications and media B/OSS businesses. In line with Lumine Group's approach to operating companies autonomously, these business units will be relaunched with their own, unique brands to clearly distinguish their product offerings and serve their respective market domains. We look forward to the opportunities for learning and growth that lie ahead."

David Nyland, CEO of Lumine Group, added: "This acquisition reinforces Lumine Group's mission to build a leading network of communications and media software companies. These businesses bring with them an experienced leadership team and a strong, global customer network we look forward to serving. As with every acquisition, our first priority is to enable a seamless transition for both customers and employees as we welcome these businesses to Lumine Group."

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual events to be materially different from any future events expressed or implied by such forward -looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend", "should", "anticipate" and other similar terminology are intended to identify forward looking statements. Forward looking statements in this press release include Lumine Group's intentions vis-a-vis its acquisition of business assets from Synchronoss. Such forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, or when such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

About Synchronoss Technologies

Synchronoss Technologies (Nasdaq: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company's collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.

About Lumine Group

Lumine Group (TSXV: LMN) acquires, strengthens, and grows vertical market software businesses in the Communications and Media industry. Learn more at www.luminegroup.com.

Lumine Group Media Relations Contact
Erini Andriopoulos
Director of Marketing, Lumine Group
[email protected]

Synchronoss Media Relations Contact:
Domenick Cilea
Springboard
[email protected]

Synchronoss Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
[email protected]