Tag: MENA

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Synchronoss Announces Closing of $235 Million of Common Stock and Senior Notes Offerings

In addition, Synchronoss raised $75 million through a
private placement of preferred stock

Net proceeds used to refinance the company’s capital structure

BRIDGEWATER, N.J. , June 30, 2021 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging and digital solutions, today announced that on June 29, 2021 it closed an underwritten public offering of 42,307,692 shares of common stock, which included 3,846,154 shares issued in connection with the underwriters’ option to purchase additional shares, at a price to the public of $2.60 per share, for gross proceeds of approximately $110 million. The Company also announced that on June 30, 2021 it closed an underwritten public offering of $125 million aggregate principal amount of 8.375% senior notes due 2026, which included $5 million aggregate principal amount of senior notes issued in connection with the underwriters’ option to purchase senior notes. Gross proceeds for both offerings are exclusive of underwriting discounts and commissions and estimated offering expenses payable by the Company.

Synchronoss and the senior notes both received a rating of BB- from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The notes are expected to begin trading on the Nasdaq Global Select Market under the symbol “SNCRL” as early as July 1, 2021.

In addition to the public offerings, on June 30, 2021 the Company closed a private placement of 75,000 shares of its Series B Perpetual Non-Convertible Preferred Stock to B. Riley Principal Investments, LLC for an aggregate purchase price of $75 million.

The two public offerings and the private placement resulted in net proceeds of approximately $300 million after deducting underwriting discounts and commissions, but before expenses. On June 30, 2021, the Company used the net proceeds in part to fully redeem all outstanding shares of its Series A Convertible Participating Perpetual Preferred Stock owned by an affiliate of Siris Capital Group and to repay amounts outstanding under the Company’s revolving credit facility.

“Synchronoss has emerged from this comprehensive refinancing process with a solid financial foundation that will support our mission to empower our customers to connect with their subscribers in trusted and meaningful ways,” said Jeff Miller, President and CEO of Synchronoss. “Today we have a sustainable financial environment that gives us the operating flexibility required to invest in delivering and enhancing great cloud, messaging and digital experiences for our customers; to enable long-term growth; and to deliver higher stockholder value to those who invest in the company.”

The refinancing has also led to the departure of Synchronoss Board of Directors members Frank Baker, Peter Berger and Robert Aquilina, each of whom is associated with Siris Capital Group. “On behalf of the entire Board and management, I would like to thank Frank, Peter and Bob for their contributions to Synchronoss over the last three years and for their generosity as advisors to me personally,” said Miller.

In conjunction with this new capitalization, B. Riley Financial, Inc., including certain of its affiliates, serve as Synchronoss’ anchor investor. Synchronoss has granted B. Riley representation on its Board.

Bryant Riley, Chairman and Co-CEO of B. Riley Financial, Inc., commented: “We are pleased to serve as a strategic partner and financial sponsor to Synchronoss on this capitalization and are committed to leveraging the full operational and financial capabilities of our platform to support Synchronoss in its strategy to deliver value. We look forward to continuing to work closely with Jeff and the entire management team as Synchronoss enters this exciting new phase for its business.”

B. Riley Securities, Inc., acted as the lead underwriter and sole book-running manager for the common stock offering. Northland Capital Markets acted as co-manager for the common stock offering.

B. Riley Securities, Inc. acted as the sole book-running manager for the senior notes offering. Northland Capital Markets, Aegis Capital Corp. and EF Hutton, a division of Benchmark Investments, LLC acted as lead managers for the senior notes offering.

The common stock and senior notes were offered under the Company’s shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (“SEC”) on August 28, 2020. The offerings were made only by means of a prospectus supplement and accompanying base prospectus. Copies of the prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at prospectuses@brileyfin.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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

Safe Harbor Statement

This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements regarding the closing of the public offering and the anticipated use of the proceeds thereof. These forward-looking statements are subject to a number of risks, including the satisfaction of customary closing conditions related to the public offering and the risk factors set forth from time to time in Synchronoss’ SEC filings, including but not limited to the risks that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections (as applicable) of Synchronoss’ Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the period ended March 31, 2021, which are on file with the SEC and available on the SEC’s website at www.sec.gov. In addition to the risks described above and in Synchronoss’ other filings with the SEC, other unknown or unpredictable factors also could affect Synchronoss’ results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Synchronoss undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

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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The International Action Centre issues the following statement on: CAPE VERDE TAKES ON THE UNITED NATIONS

PRAIA, Cape Verde, June 30, 2021 (GLOBE NEWSWIRE) — In a decision on interim measures dated June 8, the United Nations Human Rights Committee called on Cape Verde to “refrain from extraditing Mr. Alex Saab to the United States of America” and to “take all necessary measures to ensure access to appropriate health care […] by independent and specialized physicians of his choice”. This decision ordering interim measures is the first urgent step resulting from the registration of a complaint filed by Alex Saab before United Nations Human Rights Committee.

In an interview on June 29, 2021, the Cape Verdean Prosecutor General, Mr Jose Luis Landim, makes a frontal attack on the United Nations, claiming that the UN Human Rights Committee does not have the competence to impose the suspension of the extradition of Alex Saab from Cape Verde to the United States of America.

Such a position is alarming and is a legal, strategic and ethical mistake.

First, this position is completely wrong in law. We would like to remind Mr Landim that Cape Verde has chosen to ratify the International Covenant on Civil and Political Rights since August 6, 1993 and the Optional Protocol to the International Covenant on Civil and Political Rights since May 19, 2000. It must therefore comply with its international obligations in good faith and fully respect the decisions of the expert body responsible for interpreting the International Covenant on Civil and Political Rights, the Human Rights Committee. Saying that the Committee does not have the power to request the suspension of an extradition that may expose someone to risks of irreparable harms and of violations of the right to life and right of physical integrity, is an unforgivable legal error totally incompatible with the rule of law.

Second, such a position is a frontal attack on the United Nations and the human rights that are at the heart of the values that the Organization defends. It sends a clear message to the world that Cape Verde can exercise its sovereignty to violate human rights while ignoring the norms of international human rights law to which it has subscribed and ignoring international decisions. In doing so, Cape Verde, after defying the ECOWAS Court of Justice which ordered it to release the arbitrarily detained Alex Saab, after violating Alex Saab’s diplomatic immunity as a Special Envoy and an Ambassador to the African Union, is taking a hostile stance towards the United Nations and placing itself on the outside of the international community.

Third, such a position is a mistake in terms of fundamental ethical values. By requesting the suspension of Alex Saab’s extradition pending the examination of the merits of the case, the Human Rights Committee was inviting Cape Verde to show humanity and common sense by considering that the extradition would be detrimental to the physical integrity and life of Alex Saab. The Committee did not take a political position, but a purely humanitarian one.

MEDIA Contact:
Sara Flounders
International Action Center
Https://www.iacenter.org
E-mail: iacenter@iacenter.org
Tel: +1 212-633-6646

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Survey Projects Demand for Business School Graduates to Rebound in Post-Pandemic Era

9 in 10 corporate recruiters bullish on MBA hiring and salary premium fueled by technology sector growth

RESTON, Va., June 30, 2021 (GLOBE NEWSWIRE) — The Graduate Management Admission Council™ (GMAC™), a global association of leading graduate business schools, today released its annual 2021 Corporate Recruiters Survey. The report found that corporate recruiters project a robust demand for business school graduates, with nine in ten of them expecting it to increase or remain stable in the next five years. In addition, a higher proportion of recruiters in 2021 (37%) expect the demand to increase than that in the previous year (30%), with more than half of the European recruiters (54%) sharing such a view compared to their Asian (32%) and American (34%) counterparts.

“In a little more than a decade, the proportion of surveyed recruiters planning to hire MBA graduates has grown significantly, a trend especially notable in Europe, where the percentage jumped from 44 percent in 2010 to nearly twice as much (86%) in 2021, and in the United States, where it grew from 56 percent to 94 percent, a 68 percent increase,” said Sangeet Chowfla, president and CEO of GMAC. “As corporations recover from the pandemic and rebuild their workforces, it is no surprise that business school graduates ― with their leadership and managerial skills in high demand ― are specially strengthened in their value proposition as an employee and uniquely positioned to meet today’s economic challenges.”

Key Findings

MBA salary and hiring are expected to return to pre-pandemic levels

In 2020, the projected MBA median salary reached an all-time high of $115,000 before COVID-19 severely disrupted the global economy and caused it to drop down to $105,000 three months into the pandemic. However, the median MBA salary for 2021 is projected to recover to its pre-pandemic 2020 level of $115,000. At this rate, the median salary of MBA graduates is 77 percent more than those with a bachelor’s degree ($65,000) and 53 percent higher as compared to those hired directly from industry ($75,000). This salary premium shows that investing in an MBA credential continues to pay off over the time, helping an MBA graduate earn $3 million more in his or her lifetime than someone holding only a bachelor’s degree. GMAC’s own mba.com offers a helpful tool to calculate the return of investment (ROI) for business school graduates.

Before the pandemic, 92 percent of recruiters indicated they were planning to hire MBA graduates in 2020. However, the disruptions caused by COVID-19 adversely affected those plans, and hence the actual hiring of MBA graduates (80%) was lower than 2020 projections. Looking ahead, the proportion of recruiters planning to hire MBAs in 2021 (91%) returns to the same level as pre-pandemic 2020 (92%). The MBA hiring projections exhibit strength across key regions and industries. Specifically, 95 percent of the recruiters in the consulting sector, an industry in most demand by MBA graduates, are projecting to hire them—a reversal from the 2020 actual hiring of 76%.

Technology sector embraces MBA graduates for hiring and promotion

According to survey respondents, demand for MBA graduates by the technology industry is anticipated to increase by 10 percentage points in 2021 compared to pre-pandemic 2020. In fact, with 96 percent of tech recruiters projecting to hire MBA graduates in 2021, the demand for MBA talents tops the previous three years. The data also show that two in three (68%) recruiters in the technology sector agree that leaders in their organizations tend to have a graduate business school education—an increase of 11 percentage points from 2020 (57%).

“Technology companies are placing a high value on leaders who are not just technically skilled, but also have strong strategic, interpersonal, communication and decision-making skills, as well as an understanding of the importance of diversity and inclusion and sustainability in their organizations – these will be critical to driving organizational growth and innovation,” said Peter Johnson, Assistant Dean of UC Berkeley’s Haas School of Business. “These core skills represent the signature business schools are imbuing in graduates from their MBA and business master’s programs.”

Perceptions of online programs are mixed depending on region, sector

Online programs have been gaining traction in recent years. According to GMAC data, 50 more online MBA programs accepted GMAT scores in the testing year (TY) 2020 as compared to five years earlier in TY 2016. In addition, 84 percent of online MBA programs reported an increase in applications in GMAC’s 2020 Application Trends Survey.

However, when corporate recruiters were asked about their level of agreement with the statement “My organization values graduates of online and in-person programs equally,” only one-third (34%) of them agreed. In terms of industries, recruiters from the finance and accounting industry (41%) are more likely to view graduates of online programs as equal to their on-campus peers, compared to their recruiting counterparts in consulting (25%) or technology (28%). As online programs are clearly a fast-growing area of graduate management education, the sustainability of demand will require a higher level of acceptance by employers, particularly when GMAC’s latest candidate research suggests a similar disparity in terms of perception of online versus in-person programs.

“As business schools continue to evolve modalities and more candidates are able to access MBA and business master’s programs through online delivery, this presents the graduate management education community with an opportunity to align expectations and outcomes for graduates and corporate recruiters,” said Chowfla.

About the Survey

GMAC has been conducting the Corporate Recruiter Survey on behalf of the graduate management education community since 2001. This year’s survey, administered in partnership with the Association of MBAs (AMBA), the European Foundation for Management Development (EFMD), MBA Career Services & Employer Alliance (MBA CSEA), and career services offices at participating graduate business schools worldwide, received 529 responses between February 25 – March 31, 2021. More details of the full report, and other research series produced by GMAC, are available on gmac.com.

About GMAC™

The Graduate Management Admission Council™ (GMAC™) is a mission-driven association of leading graduate business schools worldwide. Founded in 1953, GMAC creates solutions and experiences that enable business schools and candidates to better discover, evaluate, and connect with each other.

GMAC provides world-class research, industry conferences, recruiting tools, and assessments for the graduate management education industry, as well as tools, resources, events, and services that help guide candidates through their higher education journey. Owned and administered by GMAC, the Graduate Management Admission Test™ (GMAT™) exam is the most widely used graduate business school assessment.

GMAC also owns and administers the NMAT by GMAC™ (NMAT™) exam and the Executive Assessment (EA). More than 7 million candidates on their business master’s or MBA journey visited GMAC’s mba.com last year to explore business school options, prepare and register for exams, and get advice on the admissions process. BusinessBecause and The MBA Tour are subsidiaries of GMAC, a global organization with offices in China, India, the United Kingdom, and the United States.

To learn more about our work, please visit www.gmac.com

Media Contact:

Teresa Hsu
Sr. Manager, Media Relations
202-390-4180 (mobile)
thsu@gmac.com

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Gates Foundation Commits $2.1 Billion to Advance Gender Equality Globally

Commitments at the Generation Equality Forum will advance women’s economic empowerment, strengthen health and family planning, and accelerate women in leadership as women suffer disproportionately from the pandemic  

PARIS, June 30, 2021 /PRNewswire/ — As part of the Generation Equality Forum convened by UN Women and co-hosted by the governments of Mexico and France, the Bill & Melinda Gates Foundation today announced a commitment of $2.1 billion over the next five years to advance women’s economic empowerment, strengthen women and girls’ health and family planning, and accelerate women’s leadership.

The forum takes place in Paris from June 30 to July 2, 2021, bringing together governments, the private sector, and civil society partners to commit to specific actions and announce financial, political, and programmatic commitments that will accelerate gender equality and advance women’s rights. Not since the Fourth World Conference on Women in 1995, when 47,000 participants and activists traveled to Beijing, has the world come together to take ambitious action that will have a transformational impact for women and girls.

“The world has been fighting for gender equality for decades, but progress has been slow. Now is the chance to reignite a movement and deliver real change,” said Melinda French Gates, co-chair of the Gates Foundation. “The beauty of our fight for gender equality is that every human being will gain from it. We must seize this moment to build a better, more equal future.”  

The forum takes place at a critical inflection point. While we have seen progress over the past quarter century, nowhere on Earth are women on equal footing with men. Waves of opposition to women’s rights have emerged, and structural barriers to gender equality and women’s health still exist.

The foundation’s $2.1 billion commitment over the next five years will advance activity in three areas: economic empowerment, health and family planning, and accelerating women in leadership. Funding includes:

  • Economic Empowerment: $650 million over five years: An expansion of the foundation’s existing work on women’s economic empowerment, this funding will support women’s empowerment collectives, strengthen the care economy, improve women’s financial inclusion, and reduce barriers to paid work.
  • Family Planning and Health: $1.4 billion over five years: This reaffirms and expands the foundation’s commitment to family planning and women’s health, with a focus on increasing options and access to contraceptives and support for a network of family planning partners, including UNFPA Supplies Partnership, Family Planning 2030, the Global Financing Facility, and the new Shaping Equitable Market Access for Reproductive Health initiative.
  • Accelerating Women in Leadership: $100 million over five years / $230 million over 10 years: This is an all-new funding commitment to accelerate women’s inclusion in leadership roles, primarily in health, law, and economics. It includes a contribution to a new fund by Co-Impact that aims to dismantle systemic barriers to gender equality and women and girls’ leadership around the world.

“Gender equality must be at the center of the world’s efforts to make progress toward the Sustainable Development Goals,” said Bill Gates, co-chair of the Gates Foundation. “Prioritizing gender equality is not only the right thing to do, it is essential to fighting poverty and preventable disease. The Generation Equality Forum is an opportunity to hold leaders accountable so that we can ensure that all people, everywhere, have the opportunity to live healthy, productive lives.”

Today, the Gates Foundation also released new data that show pandemic-driven inequality is growing at an alarming pace, driven by disruptions to women’s health services, job losses in sectors where women are overrepresented, and a sharp increase in caregiving needs and other unpaid work. “Ripple effects of the pandemic have conspired to rob women and girls of opportunity,” said French Gates.

According to the International Labour Organization:

  • Unemployment for women rose by 9 million in 2020 compared to 2019 and is projected to increase another 2 million in 2021. This pattern is not true for men, who are projected to see unemployment decrease in 2021.
  • Total global female employment in 2021 is expected to remain 13 million below its 2019 level. By contrast, total male employment is expected to return to close to its 2019 level, exacerbating existing inequalities in the workforce.

New data by Eurasia Group also highlight that gender-equal policies can fuel the global economic recovery from the COVID-19 pandemic:

  • Providing access to childcare for women around the world who currently lack it could deliver up to $3 trillion of additional GDP each year by enabling them to participate in the labor force.
  • Instituting cash transfer programs globally could lift up to 100 million women out of absolute poverty, which is defined as living on less than $2 per day.

“Women and girls already faced unique barriers to their full participation in social and economic life, and the latest data show that the pandemic has only sharpened gender disparities,” said Mark Suzman, CEO of the Gates Foundation. “Each data point represents a woman fighting for a better future, and this funding reflects our longstanding commitment to support all women in their fight for a fairer and more equal world.”

The foundation has been committed to family planning and women’s health since it began more than 20 years ago. For almost a decade, it has been supporting partners around the world to break down structural barriers that women and girls face and to advance women’s economic empowerment. Gender equality is core to the foundation’s work, and the Gender Equality division is focused on accelerating progress toward a more gender-equal world.

About the Bill & Melinda Gates Foundation
Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty. In the United States, it seeks to ensure that all people—especially those with the fewest resources—have access to the opportunities they need to succeed in school and life. Based in Seattle, Washington, the foundation is led by CEO Mark Suzman, under the direction of Bill Gates and Melinda French Gates.

Media Contact: media@gatesfoundation.org

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Zoom to Acquire Kites GmbH

Kites Team to Help Enhance Zoom’s Machine Translation Capabilities

SAN JOSE, Calif. and KARLSRUHE, Germany, June 29, 2021 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) today announced it has signed a definitive agreement to acquire Karlsruhe Information Technology Solutions – Kites GmbH (“Kites”), a start-up dedicated to developing real-time Machine Translation (“MT”) solutions. The terms of the transaction were not disclosed.

Kites was founded in 2015 and has academic roots with Karlsruhe Institute of Technology, where co-founders Dr. Alex Waibel and Dr. Sebastian Stüker are faculty members. Kites’ talented team of 12 research scientists will help Zoom’s engineering team advance the field of MT to improve meeting productivity and efficiency by providing multi-language translation capabilities for Zoom users.

“We are continuously looking for new ways to deliver happiness to our users and improve meeting productivity, and MT solutions will be key in enhancing our platform for Zoom customers across the globe,” said Velchamy Sankarlingam, President of Product and Engineering at Zoom. “With our aligned missions to make collaboration frictionless – regardless of language, geographic location, or other barriers – we are confident Kites’ impressive team will fit right in with Zoom.”

“Kites emerged with the mission of breaking down language barriers and making seamless cross-language interaction a reality of everyday life, and we have long admired Zoom for its ability to easily connect people across the world,” said Dr. Waibel and Dr. Stüker. “We know Zoom is the best partner for Kites to help advance our mission and we are excited to see what comes next under Zoom’s incredible innovation engine.”

Dr. Stüker and the rest of the Kites team will remain based in Karlsruhe, Germany, where Zoom looks forward to investing in growing the team. Zoom is exploring opening an R&D center in Germany in the future. Dr. Waibel will become a Zoom Research Fellow, a role in which he will advise on Zoom’s MT research and development.

Forward-Looking Statements
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 related to Zoom’s acquisition of Kites that involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the transaction, our development of our MT solutions, our ability to integrate the Kites team, and potential growth opportunities. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. These assumptions, uncertainties and risks include that, among others, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, division of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes to business or employee relationships, the ability to integrate Kites successfully, and other factors that may affect future results of Zoom. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our quarterly report on Form 10-Q for the quarter ended April 30, 2021. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for individuals, small businesses, and large enterprises alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

About Kites
Karlsruhe Information Technology Solutions – Kites GmbH is a start-up company founded in 2015 by Dr. Sebastian Stüker and Dr. Alex Waibel with the express purpose of transforming the latest research in speech translation technology into viable products. Kites’ mission is breaking down language barriers and making seamless cross-language interaction a reality of everyday life. Kites aims to provide custom services to its customers in order to provide technology and services that fit and are operated and maintained at the necessary quality levels.

Zoom Press Relations
Colleen Rodriguez
Global Media Relations Lead
press@zoom.us

Zoom Investor Relations
Tom McCallum
Head of Investor Relations
investors@zoom.us