Tampa, Fla., USA. 18th January, 2022 – Syniverse Holdings, Inc., shared a business update, including revenue and adjusted EBITDA guidance for fiscal 2022. Syniverse Holdings, Inc., is a wholly-owned subsidiary of Syniverse Corporation and a global technology provider of mission-critical mobile platforms for carriers and enterprises. Syniverse’s communications platform enables platforms and carriers to reach customers globally.
Syniverse expects 2022 revenue in the range of US$840 million (€741.36 million) to $875 million (€772.25 million), a 10% increase at the midpoint from its prior target of $780 million (€688.41 million). The company also raised its adjusted EBITDA forecast for 2022 to a range of $235 million (€207.40 million) to $245 million (€216.23 million), a 2% increase at the midpoint from its prior target of $236 million (€208.29 million).
Concurrently with this business update, Syniverse is releasing an investor presentation providing detailed preliminary unaudited financial results for the fourth quarter and full year ended November 30, 2021. The investor presentation which contains preliminary, unaudited fiscal Q4 and full year 2021 financial information has been filed with the SEC by MBAC and can be found here.
In August 2021, Syniverse announced its plan to go public through a merger agreement with M3-Brigade Acquisition II Corp. a special purpose acquisition company, or SPAC. Syniverse and MBAC announced on January 10, 2022 that MBAC’s special meeting of shareholders to approve the merger is scheduled to be held on February 9, 2022. On January 7, 2022, MBAC commenced mailing of its definitive proxy statement to its shareholders of record as of January 6, 2022. Upon closing of the transaction, the renamed Syniverse Technologies Corporation will be listed on the New York Stock Exchange under the ticker “SYNV.”
The transition from email to messaging as a primary means of communication is powering Syniverse’s growth as consumers and businesses roll out their digital platforms. Enterprise revenue grew by $30 million (€26.48 million) and $102 million (€90.02 million) in Q4 and FY 2021, respectively, while growing to 42% of total revenue in FY 2021, up from 32% of total revenue in FY 2020.
As the Enterprise business continues to grow as a percentage of total revenue, Syniverse will look more and more like a CPaaS and messaging-centric company while continuing to address the changing needs of the mobile ecosystem for its approximately 800 carrier and 450 enterprise customers. Twin secular trend tailwinds mobile messaging and 5G – underpin the company’s confidence in its double-digit revenue CAGR forecast.
“Today’s preliminary results show that we continue to execute our strategic growth plan and are very well positioned to deliver the mobile ecosystem solutions necessary to monetise 5G data and messaging and create long-term value for shareholders,” says Andrew Davies, CEO of Syniverse. “We’re very encouraged by the strong growth momentum in our Carrier and Enterprise businesses.”
“For example, we recently reached an agreement with a second Tier 1 North American telecom operator to provide our Evolved Mobility solution, allowing them to shut down their legacy 3G networks and repurpose their 3G spectrum for 5G while maintaining continuity of 3G roaming revenue,” explains Davies. “Meanwhile, our blockchain-enabled clearing and settlement platform is monetising 5G enabled transactions. These are just two examples of market leading innovations that only Syniverse can offer.”
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