Automation software provider Synchronoss bought Miyowa, a mobile social network maker, $45.5 million in cash, plus earn outs of up to $13.5 million if performance targets are met over the next several quarters.
A leading provider of social network and messaging software for mobile devices, Miyowa can be found on over 100 million devices throughout North America and Europe, according to the company’s own claims. Privately held, the company provides mobile social networking software to phone manufacturers that include HTC, Samsung and ZTE, and carriers like Orange
Synchronoss will add add the company’s capabilities and technologies to its mobility platform for connected devices.
“The acquisition of Miyowa expands our existing mobility platform by adding powerful social networking device capabilities and reinforces our strategic vision for global cloud enablement of connected devices,” said Stephen G. Waldis, Chairman and Chief Executive Officer of Synchronoss. “Our ConvergenceNow Plus+ platform and its Network Address Book has become an even more powerful social address book as it is enhanced with the addition of the Miyowa product suite.”
The acquisition likewise puts Miyowa in a better position to take advantage of upcoming technological trends.
“The addition of Miyowa’s social networking connectivity with Synchronoss’ industry leading ConvergenceNow Plus+ platform will deliver an unparalleled value proposition and enable our combined company to capitalize on a number of the most powerful growth drivers in the technology industry – social, mobile and the cloud,” said Pascal Lorne, Chief Executive Officer, Chairman and Co-Founder of Miyowa.