ABS Ventures Leads $34 Million Investment to Improve High-Speed Data Service Delivery

Synchronoss Technologies to Increase the Accuracy and Speed with Which Telecom

Carriers Connect Enterprise Subscribers to High-Speed Data Networks



Customers include AT&T, Qwest, and WorldCom



07 May, 2001, 01:00 ET from Synchronoss Technologies, Inc.

    BETHLEHEM, Pa., May 7 /PRNewswire/ -- Synchronoss Technologies, Inc., a
 premier business service provider of hosted operations support systems (OSS)
 environments for major telecom carriers, today announced that they have
 completed a first round of $34 million in funding from six leading
 institutional investment firms.  Synchronoss' comprehensive OSS solution
 enables top tier telecom carriers to streamline service activation and order
 management, and accelerate delivery of high-speed data services.
     The funding is led by venture capital firm ABS Ventures, along with
 Rosewood Venture Group and Ascent Venture Partners.  Adams Street Partners,
 Liberty Ventures, L.L.C. and C.E. Unterberg, Towbin, also participated in the
 round.  The capital is being used to expand key market and product development
 efforts of Synchronoss' ActivationNow OSS platform. Synchronoss has already
 secured customer agreements with AT&T, Qwest, and WorldCom.
     "No matter what the economic backdrop, we look for a few critical things
 when we invest: a seasoned management team, early traction with key prospects,
 a sustainable business plan, and a jump start on the competition in a huge
 market opportunity," said Phil Black, ABS Ventures.   "Synchronoss has all of
 those things."
     "OSS itself has been around for quite a while, but we haven't seen such a
 unique approach to solving what has traditionally been the bane of the
 carrier's existence," said Anne Martin, Rosewood Venture Group.  "The market
 continues to shake out while Synchronoss continues to focus on their goals,
 line up customers and gain momentum.  We're more confident than ever that our
 investment in Synchronoss is an investment in the future of high-speed data
 delivery."
     Synchronoss' Series A funding began with an investment of $25 million when
 the company was founded in November 2000.  The recently finalized infusion of
 an additional $9 million completes the first round.
     Synchronoss was created to address a critical problem in the
 telecommunications industry - despite billions invested in high capacity
 networks, carriers relying on legacy OSS systems are still challenged to
 connect subscribers.  According to Dataquest, the OSS expenditure in the
 United States alone is expected to reach $24 billion by 2003.
     "Service delivery issues are keeping the major telecom carriers from
 realizing the full potential of their high-speed data networks," said Karl
 Whitelock, director of Stratecast Partners OSS competitive strategies program.
 "Their OSS environments do not easily support end-to-end business processes,
 especially regarding customer demand for 'instant' service activation.  What
 the industry really needs is a reliable alternative to service providers
 owning all aspects of the customer service management experience that may be
 achieved in-part, by capitalizing on the strengths hosted OSS solutions bring
 to bear."
 
     Industry-Proven Management Team Assembled
 
     Synchronoss' senior management team is composed of experienced industry
 executives with successful track records at established telecom carriers and
 high-growth telecom start-ups.
 
     Stephen Waldis, president & CEO.  Twelve years of leadership and
 professional service experience in the telecommunications industry.  Waldis
 was named as the Ernst & Young New Jersey Telecom Entrepreneur of the Year in
 2000.  Waldis served as vice president and chief operating officer of Vertek
 Corporation for six years, during which time the company doubled revenues
 every year.
 
     David Berry, chief technology officer. Fifteen years of experience in
 systems development for the telecommunications, pharmaceutical and financial
 industries.  In addition to serving as the leading architect at Vertek
 Corporation, Berry was a project leader at AT&T, where he managed the design,
 architecture and implementation client/server platforms for AT&T's toll free
 billing.
 
     Chip Wright, vice president of product delivery.  Twenty years of telecom
 management and development experience.  Wright's background includes senior
 program management and product development positions at MCI WorldCom and
 Sprint.
 
     Charles Kelleher, vice president of strategic marketing. Twenty-three
 years of R&D, product management and strategic marketing experience.  At
 Vertek Corporation, Kelleher established their successful telecom consulting
 practice and led numerous large-scale business process improvement projects
 and OSS application development teams.
 
     Thomas Miller, vice president of business development. Ten years
 experience in international business development and investment banking in the
 telecom sector. He also  brings to Synchronoss a demonstrated track record of
 securing multi-million dollar customer partnerships.
 
     "Today's investors are extremely cautious about where they put their
 money," said Stephen Waldis, president and CEO of Synchronoss. "It is
 gratifying to see that our fast emerging space is attracting such major
 interest.  This backing by partners of such high stature, the top-level
 management team we've attracted, and a customer base that includes some of the
 best known names in telecom, is a strong validation of our business model."
 
     About Synchronoss Technologies
     Synchronoss Technologies, Inc. is one of the first players in the emerging
 business service provider market.  Synchronoss offers a hosted and secure
 operations support systems (OSS) back-office platform for communications
 service providers worldwide. The company was launched in November 2000 and has
 secured $34 million in funding led by venture capital firm ABS Ventures.  The
 company's customers include leading telecommunications carriers such as AT&T,
 WorldCom and Qwest.  Synchronoss is headquartered in Bethlehem, Pa. For more
 information about Synchronoss Technologies, Inc., please visit the company's
 website at http://www.synchronoss.com.
 
     About ABS Ventures
     ABS Ventures is a leading independent, institutional venture capital firm
 with offices in Baltimore, San Francisco, New York City and Vienna, VA. ABS is
 dedicated to helping its portfolio companies become successful, and works very
 closely with management teams in the areas of senior management recruiting,
 new customer contacts, strategic decision making and additional financing. For
 additional information, please visit their web site at
 http://www.absventures.com.
 
     About Rosewood Venture Group
     Founded in 1985, Rosewood Venture Group manages $300 million in venture
 capital. The firm primarily focuses on building companies in the business-to-
 business, infrastructure and services sectors. For additional information,
 please visit their web site at http://www.rosewoodvc.com.
 
     About Ascent Venture Partners
     Ascent Venture Partners is a Boston-based venture capital firm offering
 start-up financing and strategic support to outstanding entrepreneurs. Ascent
 focuses on early-stage Internet infrastructure businesses located in the
 northeastern United States. For additional information, please visit their web
 site at http://www.ascentvp.com.
 
     Company Contact:                    Press Contacts:
     Charles Kelleher                    Dana Mellecker      Jolene Resnick
     (610) 814-5498                      (212) 421-3555      (212) 421-3555
     charles.kelleher@synchronoss.com    dana@nypr.com       jolene@nypr.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X62401043
 
 

SOURCE Synchronoss Technologies, Inc.
    BETHLEHEM, Pa., May 7 /PRNewswire/ -- Synchronoss Technologies, Inc., a
 premier business service provider of hosted operations support systems (OSS)
 environments for major telecom carriers, today announced that they have
 completed a first round of $34 million in funding from six leading
 institutional investment firms.  Synchronoss' comprehensive OSS solution
 enables top tier telecom carriers to streamline service activation and order
 management, and accelerate delivery of high-speed data services.
     The funding is led by venture capital firm ABS Ventures, along with
 Rosewood Venture Group and Ascent Venture Partners.  Adams Street Partners,
 Liberty Ventures, L.L.C. and C.E. Unterberg, Towbin, also participated in the
 round.  The capital is being used to expand key market and product development
 efforts of Synchronoss' ActivationNow OSS platform. Synchronoss has already
 secured customer agreements with AT&T, Qwest, and WorldCom.
     "No matter what the economic backdrop, we look for a few critical things
 when we invest: a seasoned management team, early traction with key prospects,
 a sustainable business plan, and a jump start on the competition in a huge
 market opportunity," said Phil Black, ABS Ventures.   "Synchronoss has all of
 those things."
     "OSS itself has been around for quite a while, but we haven't seen such a
 unique approach to solving what has traditionally been the bane of the
 carrier's existence," said Anne Martin, Rosewood Venture Group.  "The market
 continues to shake out while Synchronoss continues to focus on their goals,
 line up customers and gain momentum.  We're more confident than ever that our
 investment in Synchronoss is an investment in the future of high-speed data
 delivery."
     Synchronoss' Series A funding began with an investment of $25 million when
 the company was founded in November 2000.  The recently finalized infusion of
 an additional $9 million completes the first round.
     Synchronoss was created to address a critical problem in the
 telecommunications industry - despite billions invested in high capacity
 networks, carriers relying on legacy OSS systems are still challenged to
 connect subscribers.  According to Dataquest, the OSS expenditure in the
 United States alone is expected to reach $24 billion by 2003.
     "Service delivery issues are keeping the major telecom carriers from
 realizing the full potential of their high-speed data networks," said Karl
 Whitelock, director of Stratecast Partners OSS competitive strategies program.
 "Their OSS environments do not easily support end-to-end business processes,
 especially regarding customer demand for 'instant' service activation.  What
 the industry really needs is a reliable alternative to service providers
 owning all aspects of the customer service management experience that may be
 achieved in-part, by capitalizing on the strengths hosted OSS solutions bring
 to bear."
 
     Industry-Proven Management Team Assembled
 
     Synchronoss' senior management team is composed of experienced industry
 executives with successful track records at established telecom carriers and
 high-growth telecom start-ups.
 
     Stephen Waldis, president & CEO.  Twelve years of leadership and
 professional service experience in the telecommunications industry.  Waldis
 was named as the Ernst & Young New Jersey Telecom Entrepreneur of the Year in
 2000.  Waldis served as vice president and chief operating officer of Vertek
 Corporation for six years, during which time the company doubled revenues
 every year.
 
     David Berry, chief technology officer. Fifteen years of experience in
 systems development for the telecommunications, pharmaceutical and financial
 industries.  In addition to serving as the leading architect at Vertek
 Corporation, Berry was a project leader at AT&T, where he managed the design,
 architecture and implementation client/server platforms for AT&T's toll free
 billing.
 
     Chip Wright, vice president of product delivery.  Twenty years of telecom
 management and development experience.  Wright's background includes senior
 program management and product development positions at MCI WorldCom and
 Sprint.
 
     Charles Kelleher, vice president of strategic marketing. Twenty-three
 years of R&D, product management and strategic marketing experience.  At
 Vertek Corporation, Kelleher established their successful telecom consulting
 practice and led numerous large-scale business process improvement projects
 and OSS application development teams.
 
     Thomas Miller, vice president of business development. Ten years
 experience in international business development and investment banking in the
 telecom sector. He also  brings to Synchronoss a demonstrated track record of
 securing multi-million dollar customer partnerships.
 
     "Today's investors are extremely cautious about where they put their
 money," said Stephen Waldis, president and CEO of Synchronoss. "It is
 gratifying to see that our fast emerging space is attracting such major
 interest.  This backing by partners of such high stature, the top-level
 management team we've attracted, and a customer base that includes some of the
 best known names in telecom, is a strong validation of our business model."
 
     About Synchronoss Technologies
     Synchronoss Technologies, Inc. is one of the first players in the emerging
 business service provider market.  Synchronoss offers a hosted and secure
 operations support systems (OSS) back-office platform for communications
 service providers worldwide. The company was launched in November 2000 and has
 secured $34 million in funding led by venture capital firm ABS Ventures.  The
 company's customers include leading telecommunications carriers such as AT&T,
 WorldCom and Qwest.  Synchronoss is headquartered in Bethlehem, Pa. For more
 information about Synchronoss Technologies, Inc., please visit the company's
 website at http://www.synchronoss.com.
 
     About ABS Ventures
     ABS Ventures is a leading independent, institutional venture capital firm
 with offices in Baltimore, San Francisco, New York City and Vienna, VA. ABS is
 dedicated to helping its portfolio companies become successful, and works very
 closely with management teams in the areas of senior management recruiting,
 new customer contacts, strategic decision making and additional financing. For
 additional information, please visit their web site at
 http://www.absventures.com.
 
     About Rosewood Venture Group
     Founded in 1985, Rosewood Venture Group manages $300 million in venture
 capital. The firm primarily focuses on building companies in the business-to-
 business, infrastructure and services sectors. For additional information,
 please visit their web site at http://www.rosewoodvc.com.
 
     About Ascent Venture Partners
     Ascent Venture Partners is a Boston-based venture capital firm offering
 start-up financing and strategic support to outstanding entrepreneurs. Ascent
 focuses on early-stage Internet infrastructure businesses located in the
 northeastern United States. For additional information, please visit their web
 site at http://www.ascentvp.com.
 
     Company Contact:                    Press Contacts:
     Charles Kelleher                    Dana Mellecker      Jolene Resnick
     (610) 814-5498                      (212) 421-3555      (212) 421-3555
     charles.kelleher@synchronoss.com    dana@nypr.com       jolene@nypr.com
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X62401043
 
 SOURCE  Synchronoss Technologies, Inc.