Day: July 13, 2021

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Martin Bernstein Joins Synchronoss Board of Directors

B. Riley Executive Brings Strong Financial Acumen to the Board

BRIDGEWATER, N.J., July 12, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging and digital solutions, is pleased to announce that Martin Bernstein has joined its Board of Directors, effective immediately.

Bernstein was appointed to the Board in connection with the recent recapitalization of Synchronoss, and serves as a representative of B. Riley Financial, Inc. (NASDAQ: RILY) (B. Riley), the company’s largest shareholder.

“On behalf of our entire Board, I am pleased to welcome Marty to our team,” said Stephen Waldis, Founder and Executive Chairman of the Synchronoss Board of Directors. “Marty’s extensive experience in capital allocation strategies, corporate governance and financing will serve our organization well. I have no doubt that his impressive knowledge and extraordinary track record will not only benefit our already strong board, but I fully expect his impact will be key to helping Synchronoss achieve its strategic growth objectives.”

Bernstein represents B. Riley Principal Investments, an affiliate of B. Riley that makes direct investments in companies with proven platform technologies with significant near-term growth potential. He currently serves as Head of Private Investments at B. Riley and is responsible for sourcing, underwriting and managing company investments in addition to leading distribution to the firm’s syndication partners. Bernstein has extensive experience leading investments across technology, transportation, automotive, aerospace, manufacturing, power, infrastructure, and other sectors.

Bernstein commented, “It is an honor to join the Synchronoss board after working closely with Steve, Jeff, and the entire Synchronoss team on the recent recapitalization. I share management’s excitement and vision for the company, rooted in continued innovation and a best-in-class suite of white label products for leading telecom customers. We believe the Synchronoss business is at an inflection point and is well-positioned to execute on its growth strategy following the refinancing. I look forward to continuing to work with the team as a member of the board as we endeavor to create value for stakeholders and customers.”

Prior to joining B. Riley in March 2021, Bernstein was with Anchorage Capital responsible for leading investments across capital structures, including public equities, private equity, performing credit, bank debt and distressed debt, and restructuring situations. He previously worked as an analyst at Bocage Capital, and was on the investment team for the endowment at Howard Hughes Medical Institute. Bernstein earned an AB in history from Dartmouth College. He is based in Connecticut.

About Synchronoss

Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services and content they love. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com

Contacts

Media
Anais Merlin, CCgroup (International)
Diane Rose, CCgroup (North America)
synchronoss@ccgrouppr.com

Investors
Todd Kehrli/Joo-Hun Kim, MKR Investor Relations, Inc.
investor@synchronoss.com

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Internet Restrictions Hold Back Africa’s Economic Growth, Study Finds

A report by a non-profit group says Africa needs to increase internet access to boost its economies, especially in the wake of the COVID-19 pandemic. The advocacy group found that while Africa's locally routed online traffic has increased, only one in five Africans has internet access. High taxes and frequent internet shutdowns by some African governments have also discouraged online trade.

The Internet Society group says in a report this month Africa’s internet exchange points, or IXP’s, have increased from 19 to 46 in under eight years. Six countries have more than one IXP.

An IXP is where multiple networks and service providers exchange internet traffic. The increase is significant because a decade ago, most African countries routed their online traffic outside the continent.

Dawit Bekele is the Africa regional vice president for the Internet Society, a global nonprofit organization that promotes the development and use of the internet. He said Africa having its own IXP’s improves internet performance for users on the continent.

“By developing internet exchange points within Africa, we have limited this kind of unnecessary travels of internet traffic outside of Africa to come back to Africa, which has a considerable advantage to improving the user experience, be it the speed, connectivity or even the cost of connectivity,” he said.

The Washington-based group says its goal is to eventually have 80% of internet traffic in Africa be exchanged locally.

Michael Niyitegeka, an information technology expert, said public demand has forced African governments to improve internet access.

“We can’t run away from the youth population. There are quite a number of young people and therefore their affinity or drive for technology and use of the Internet is way higher than our parents and they are more comfortable using technology than anything else. Finally, the other aspect I think is quite critical is the access to mobile technology devices is a big driver. We see quite a number of relatively cheap smart or internet-enabled phones in our markets and that has a massive effect on how many people can access the internet,” said Niyitegeka.

In a 2020 study, the International Foundation Corporation said internet use could add $180 billion to Africa’s economies.

However, some governments have taken steps to control digital communication by shutting down social media platforms and imposing a high tax on internet use.

Omoniyi Kolade is the CEO of SeerBit, a Nigerian company that offers payment processing services to businesses. He said that government control of the internet will drive businesses backward.

“It’s a way we are driven backward instead of moving forward. We are supposed to encourage access, we are supposed to encourage free access point for interaction for solutions, because if businesses had to put their product on platforms, as long as those platforms are put down or disconnected there is loss of revenue at that point and for payment gateway. We are already losing revenue as those businesses do not exist to achieve the purpose of what they should achieve,” he said.

The United Nations Economic Commission for Africa notes that only 20% of the continent’s population has access to the Internet.

The Internet Society Group is urging African governments to expand internet infrastructure to rural areas, where most of the population lives, so that they can benefit from it.

Source: Voice of America

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UN Calls for Swift Pullout of Eritrean Troops From Tigray

The United Nations Human Rights Council passed a resolution Tuesday calling for the swift pullout of Eritrean troops from Ethiopia’s embattled northern Tigray region.

The eight-month war between Ethiopian federal forces and Tigray’s former ruling party, the Tigray People's Liberation Front, has killed thousands of people, forced some 2 million others to flee their homes and driven about 400,000 into famine.

The council said Eritrean troops were "exacerbating the conflict" that continued Tuesday with the TPLF’s capture of Alamata, the main town in southern Tigray, according to AFP. The town’s reported capture came two weeks after the federal government declared a unilateral cease-fire, following rebel advances.

"What is happening in the Tigray region in Ethiopia is appalling," said Ambassador Lotte Knudsen, head of the EU delegation to the U.N., which presented the resolution. It is imperative for the Human Rights Council to be able to address this situation."

UNHCR chief Filippo Grandi said in a statement that “The violence and intimidation of Eritrean refugees must stop. Refugees are civilians in need of and with the right to international protection.”

Eritrea voted against the U.N. resolution to immediately withdraw its troops from the region, which is also a key TPLF demand in cease-fire negotiations.

Fighting between the Ethiopian government and the TPLF broke out in November. Troops from Eritrea, Ethiopia’s neighbor to the north, and Amhara, a neighboring region to the south of Tigray, also entered the conflict in support of the Ethiopian government.

Source: Voice of America