SNCR has entered into an agreement to be acquired by Lumine Group (foreign) for $9 per share, which is a discount to our prior $13 price target but a 70% premium to the trading price as of the announcement. Lumine Group is a global buy-and-hold forever acquirer of communications and media software businesses that acquired Synchronoss' Messaging and NetworkX business in 2023. We believe Lumine Group will be a good partner for Synchronoss and expect the deal to close within the stated time frame (the end of 1H:26). About 21% of shareholders have already approved the transaction. SNCR has boosted its cash balance and reduced its debt level, aided by a $34 million tax refund. We deem the company adequately funded to support organic growth. We lower our price target to reflect the deal price of $9, which translates to 8x our 2027 diluted GAAP EPS projection of $1.14. Our Moderate risk rating is supported by Synchronoss' expected revenue growth and profitability, improved balance sheet, and expected continued free cash flow.