Synchronoss Technologies (SNCR) - Get Report shares shot upwards early Friday after buyout shop Siris Capital Group took a 13% stake and suggested that it might be interested in buying the cloud computing company.

Synchronoss was trading at $17.34 mid-day Friday, up 12% on the news of the buyout shop interest.

The firm 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 to $14 million below its prior guidance, according to an analyst report by Wells Fargo Securities LLC. The company's share price dropped precipitously upon the announcement, which is when Siris began accumulating.

In addition, the company also revealed that both CEO Ronald Hovsepian and CFO John Frederick will be leaving the business, just a few months after they were appointed to their positions. In addition, Synchronoss noted that former CEO and founder Steve Waldis will be resuming his role as CEO while Larry Irving, a former CFO, is also returning to the company.

The Synchronoss earnings miss and C-Suite shuffle/leadership vacuum both appear to have produced enough uncertainty about the company's future for an activist buyout shop to emerge.

The firm purchased 1.36 million shares at an average purchase price of $15.90 per share. The total price of the purchase was $21.57 million.

Nevertheless, Siris Capital doesn't appear to have an activist track record and the deadline to nominate dissident director candidates for the May 16 Synchronoss annual meeting has long passed.

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