Synchronoss, Verizon Extend Cloud Contract Through 2030; Stocks Gains In Pre-market

(RTTNews) - Cloud computing company Synchronoss Technologies, Inc. (SNCR) announced on Wednesday that it is signing a seven-year contract with telecom major Verizon Communications Inc. (VZ) until June 30, 2030.

Under the extended agreement, Verizon and its cloud subscribers are provided with a long-term, predictable model of support and ongoing investment in continued product evolution that will build upon new capabilities, leveraging artificial intelligence and machine learning.

Synchronoss Personal Cloud platform has powered a range of Verizon service offerings and bundles for 10 years and it currently supports over 10 million subscribers worldwide.

The platform of Synchronoss is scalable and manages to ingest more than fifty million photos, videos and other user generated content per day, comprising of 200-plus petabytes of storage.

"The latest version of Synchronoss Personal Cloud integrates AI functionality, giving users new ways to enhance, create, and share all types of digital content. Additionally, deep learning provides new ways to organize and manage content by automatically categorizing and tagging photos, facilitating convenient access to desired content," the company said.

In pre-market activity, shares of Synchronoss are trading at $0.97 up 3.19% or $0.03 on the New York Stock Exchange and shares of Verizon are trading at $33.71 up 4.43% or $1.44