Synchronoss Technologies, Inc. (NASDAQ:SNCR) has announced that its board of directors has agreed to kick off the process of searching for other strategic means that will boost shareholder value.

The Synchronoss board of directors is planning to evaluate a full range of alternatives that will consider financial, operational and strategic factors. According to the recent announcement, a sale agreement and other transactions might be part of the strategic options that will be reviewed. However, there has been no confirmation that the company is planning for a buy-out. However, the fact that it is one of the options under consideration means it could potentially happen in the future.

A potential buyout is not a farfetched idea. In fact, the company previously revealed it had received an offer from Siris Capital Group, LLC on June 23 this year. This could be one of the reasons why the firm is considering a sales agreement as a potential direction to ensure a stronger future.

Goldman Sachs Group Inc (NYSE:GS) and PJT Partners Inc (NYSE:PJT) will continue as Synchronoss’ financial advisors and they will assist the company in the strategic review process. The firm has also retained Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP and Simpson Thacher & Bartlett LLP as its legal counsel.

As for the strategic review process, it is still too early to tell which direction Synchronoss will take. The firm has also not released any details regarding how long the strategic review process will take, and it will most likely not go into details recording the process. However, it might reveal some things if the board approves. Other than that, a tight lid is expected on the proceedings.

Investors seem to have taken the news about the strategic review process quite well considering that the company’s shares went up by 9 percent on Thursday. This is mostly due to the announcement that the firm might be considering a sale a potential direction as part of the strategic review.

Synchronoss stock closed the latest trading session on Thursday at $15.86.