Synchronoss Technologies Inc. (SNCR) - Get Report shares were up 4.5% in premarket trading Friday, July 7, after the cloud computing company announced late Thursday that it was evaluating potential strategic alternatives, including a sale.

Its shares were up to $16.58 a share, higher than its $15.86 a share close on Thursday. Synchronoss said it had retained Goldman, Sachs & Co. and PJT Partners Inc. as financial advisers to help with the strategic review. It also retained Simpson Thacher & Bartlett LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP as legal counsel.

The move comes after buyout shop Siris Capital Group LLC last month reported that it had allowed the activist private equity firm to have access to some nonpublic information as part of a nondisclosure agreement in connection with the firm's efforts to buy the cloud computing company. Synchronoss added on Thursday that in light of that interest, it believed it was appropriate to explore strategic alternatives.

According to an activist Schedule 13D filing from last month, New York-based Siris said it "continues to explore a potential transaction" about Synchronoss and had sought to have the company provide it with "certain nonpublic information." It added that on May 19 the company and Siris entered into a nondisclosure agreement.

The Siris move initially suggested that a deal to sell the business to Siris may have been close at hand. The decision by Synchronoss to launch a full strategic review, however, suggests that other potential buyers could be under consideration.

Synchronoss shares shot up May 5 when Siris Capital reported that it took a 13% stake in the cloud computing company and suggested that it might be interested in buying it. At the time, Synchronoss shares rose 12% to $17.34 a share.

At the time Siris Capital said in an activist filing that it had been following the company for several years, adding that it had accumulated its significant stake between April 27 and May 4. The buyout shop said it made the accumulation keeping in mind that its portfolio managers "may be interested in pursuing a potential strategic transaction."

The fund's accumulation began on the same day that Synchronoss reported a very big first-quarter miss. The same day Synchronoss also announced that its revenue would be $13 million to $14 million below its prior guidance. The company's share price dropped precipitously on the announcement, which is when Siris began accumulating.

The company also revealed at the time of its first-quarter miss that both CEO Ronald Hovsepian and CFO John Frederick would be leaving the business, just a few months after they were appointed to their positions. Synchronoss' former CEO and founder, Stephen Waldis, subsequently resumed his role as CEO.