Synchronoss Technologies, Inc. (NASDAQ: SNCR) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has been chosen by Sprint Corp (NYSE: S) for a key partnership opportunity that could lead to expansive growth in both companies. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
SNCR Gains On Partnership With S
As mentioned above, Synchronoss Technologies is having an incredibly strong start to the trading session after announcing that it has been chosen by Sprint to lead the transformation of its online environment for business customers. In a press release issued early this morning, SNCR said that its digital platform will help Sprint to simplify its online order management process, generating more revenue while reducing costs.
In the release, SNCR Said that stage 1 of this partnership will be focused on Sprint’s wireless business customers. However, throughout the partnership, the focus will expand to include wireline, IoT, and Sprint value added solution business operations. In a statement, Kim Green-Kerr, SVP at Sprint Business Solutions had the following to offer:
Our Sprint Now transformation program is a multi-dimensional strategy, designed to offer the best possible user experience, while making us more agile, innovative, and profitable… Our relationship with Syncrhonoss will help us dramatically simplify our online environment for our business customers, giving them control of their order management and customer care requirements. This will continue to accelerate new service availability, drive better online adoption, and reduce customer care costs.
The above statement was followed up by Glenn Lurie, CEO at SNCR. Here’s what Lurie had to offer:
The vast majority of global service providers are on a digital transformation journey… Sprint is on the offensive looking to gain every ounce of value from its online operations to become faster, more profitable while delivering a better overall customer experience. Our Digital service portfolio helps global operators strip cost and complexity from their legacy order management, customer care and channels. It will enable all global service providers to remain highly competitive despite an increasingly challenging business environment.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In this particular case, the news surrounding Synchronoss Technologies is overwhelmingly positive. After all, the new partnership with Sprint will likely be a strong revenue driver ahead. So, it’s no surprise to see that excited investors are pushing the stock toward the top. At the moment (10:23), SNCR is trading at $10.23 per share after a gain of $0.79 per share or 8.37% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SNCR. In particular, we’re interested in following the story surrounding the company’s work with Sprint as well as other potential partnerships like this that may come down the line in the future. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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