Lumine Group struck a deal to buy software cloud company Synchronoss Technologies for $116.4 million, an attempt to position both companies for growth in the mobile cloud storage market.

Toronto, Canada-based Lumine Group will acquire Synchronoss for $9 per share, a roughly 70 per cent premium to the stock’s 3 December closing price. The companies stated the deal implies an enterprise value of $258.4 million.

Lumine Group will broaden its reach in North America and globally, accessing Synchronoss’ established customer base and expanding its product offerings.

The deal also marks Lumine Group’s first public company acquisition.

The purchase will include Synchronoss’ white-label cloud platform and its advanced consumer cloud offering.

 It follows Lumine Group’s previous acquisition of Synchronoss’ Messaging and NetworkX businesses in 2023

Synchronoss, which stores more than 200 petabytes of data and serves millions of customers globally, will keep its brand and remain based in Bridgewater, New Jersey.

Founded in 2000, Synchronoss has evolved from a service activation company to a portfolio focused on Tier 1 operator-branded personal cloud services.

The deal is expected to close in the first half of 2026, pending shareholder and regulatory approvals. Synchronoss will be delisted from the Nasdaq stock exchange after the acquisition closes.