Mr. David Nyland reports

LUMINE GROUP TO ACQUIRE SYNCHRONOSS TECHNOLOGIES

Lumine Group Inc., through one of its wholly owned subsidiaries, has entered into a definitive agreement to acquire Synchronoss Technologies Inc.

Under the terms of the agreement, Lumine Group will acquire Synchronoss for a purchase price of approximately $116.4-million (based on a cash price of $9 per share), which may be adjusted by a proportionate amount of certain Synchronoss transaction expenses, if any, in excess of a certain threshold. This transaction is an all-cash transaction that values the company at an implied equity value of approximately $116.4-million and an enterprise value of approximately $258.4-million, is expected to close in the first half of 2026, and is subject to approval by Synchronoss's shareholders and the satisfaction of regulatory approvals and customary closing conditions.

Synchronoss, incorporated in 2000, has served global operators for more than 20 years, evolving from its origins in service activation solutions to a modern portfolio anchored by Synchronoss's Tier 1 operator-branded personal cloud services. In recent years, Synchronoss executed a cloud-first transformation that strengthened its core business and aligned its long-term strategy with the needs of communications service providers worldwide.

The transaction includes the Synchronoss white-label cloud platform, its next-generation consumer cloud offering. This transaction will follow Lumine Group's 2023 acquisition of the Synchronoss messaging and NetworkX businesses, and will complete Synchronoss's multiyear transformation to streamline its portfolio and maximize long-term value.

"We are thrilled to join forces with Lumine Group in this transformative partnership," said Jeff Miller, chief executive officer of Synchronoss. "After three years of collaboration and witnessing first-hand how our former businesses have flourished under Lumine Group's stewardship, we believe this to be the logical and correct home for our business. For our employees, we believe this will mean more opportunities within a larger organization at scale, while our customers will gain access to enhanced capabilities through Lumine's diversified portfolio. Furthermore, we believe once this transaction closes, it will serve the best interest for our shareholders as it will deliver immediate, tangible value and position our company for long-term growth, representing a tremendous opportunity for our company to accelerate innovation, expand our market reach and provide additional resources to drive our growth strategy. Together, we will be positioned to lead the next generation of mobile cloud storage solutions and capture a larger share of this rapidly expanding market."

Tony Garcia, chief operating officer of Lumine Group, is looking forward to welcoming Synchronoss, which has over 200 petabytes of data stored and a global footprint of millions of meaningfully engaged subscribers globally. Synchronoss will operate under its original brand to stay aligned with its target markets.

David Nyland, chief executive officer of Lumine Group, added: "This acquisition will mark Lumine Group's first acquisition of a public company and reinforce our mission to protect our customers' brands and mission-critical solutions with our perpetual ownership. As with every acquisition, once the transaction closes, our first priority will be to enable a seamless transition for both customers and employees as we welcome this business to Lumine Group."

About Lumine Group Inc.

Lumine Group acquires, strengthens and grows vertical market software businesses in the communications and media industry.

About Synchronoss Technologies Inc.

Synchronoss Technologies, a global leader in personal cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Synchronoss's software-as-a-service cloud platform simplifies on-boarding processes and fosters subscriber engagement using artificial intelligence, machine learning and other advanced features, resulting in enhanced revenue streams, reduced expenses and faster time to market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content.

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