Syniverse, a provider of mobile platforms for carriers and enterprises, has entered into a definitive merger agreement with M3-Brigade Acquisition II in a transaction that implies an initial enterprise value of $2.85 billion. The deal would provide Syniverse with up to $1.165 billion in cash through a combination of equity and equity-linked capital. Upon closing of the transaction, the publicly traded company will be named Syniverse Technologies Corporation with common stock listing on the NYSE under SYNV.
The SPAC will provide up to $400 million of cash held in trust from its IPO in March. Cloud communications platform Twilio, which has a strategic partnership with Syniverse, will make an investment of up to $750 million, with a minimum of $500 million.
Syniverse operates within the Communications Platform as a Service (CPaaS) sector, with both digital native companies and large global enterprises increasingly using Application to Person (A2P) messaging and omni-channel mobile engagement to engage, inform and transact with their customers, partners, and employees. The current rapid growth in the CPaaS sector is expected to accelerate as 5G networks expand. Read more.
