Synchronoss Technologies Reportedly Explores Sale; Stock Surges

(RTTNews) - Synchronoss Technologies Inc. (SNCR) is working with investment bank Qatalyst Partners on a possible sale that could be valued at more than $2 billion, the Wall Street Journal reported on Tuesday, quoting people familiar with the matter.

The report said that Synchronoss has drawn interest from a number of private-equity firms. As always in such situations, it is possible a deal for the company won't materialize.

Synchronoss has a current market capitalization of about $1.83 billion.

Synchronoss makes software that allows customers to activate and perform other functions on wireless devices. Its customers include AT&T Inc., Verizon Wireless and Apple Inc.

SNCR closed Tuesday's regular trading at $42.53, up $0.05 or 0.12%. In after-hours, the share further gained $6.67 or 15.68%.